Tax credit needed for South Euclid senior facility

Volker Development Company, based in Wisconsin, is waiting to hear if it will receive a tax credit from the Ohio Housing Financing Agency. This funding is crucial for the construction of a senior living facility in South Euclid. The project, called Maywood Flats, would include 58 units for people aged 55 and older. The facility is planned at the intersection of Mayfield and Maywood roads. It will replace the current office building at 4568 Mayfield Road, known as Maywood Center. The project will cost approximately $16 million and will be four stories high. Volker recently held a community meeting to discuss the project with local residents. Michael Love, the city’s Planning and Development Director, said they expect to know about the tax credit in May. If successful, Volker will create final designs and plans before engaging with the community again, likely in June. The necessary approvals from city boards will follow, aiming for construction to begin in early next year. Parking for the new facility will be available, accommodating about 50 vehicles. This is smaller than the current parking lot. If the project goes ahead, Volker plans to assist in relocating the office tenants currently at Maywood Center. Love mentioned that the office building has been for sale and is about 70% occupied. Greg Baron, Volker’s managing director, emphasized that the funding is vital for moving forward. He noted that they may also seek additional support from Cuyahoga County. Volker has completed or is working on other senior living projects in Cleveland. If built, Maywood Flats will take an L-shape, extending into the existing parking lot of Maywood Center.