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Cleveland Heights
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OtherPendingAlcazar parcel, Cleveland Heights, Ohio

Alcazar Redevelopment TIF and Tax Abatement

Cleveland Heights

Description

The Alcazar redevelopment would get a 30-year property tax exemption with a back-end TIF fund, in exchange for capping rent increases on existing tenants at 10% a year. Council discussed it on first reading and plans a vote July 6.

Impact summary

A 120-year-old building gets a major renovation with 100+ market-rate units targeted at empty nesters and University Circle workers — but longtime low-rent tenants could see rent climb up to 10% a year.

Applicant

Name
Rico Petro
Address
Alcazar parcel, Cleveland Heights, Ohio

At a glance

Hearings
1
Public comments
0
Total mentions
1

Last discussed Jun 22, 2026.

Meeting timeline (1)

Jun 22, 2026

Council Committee of the Whole - Jun 22, 2026

The Alcazar redevelopment would get a 30-year property tax exemption with a back-end TIF fund, in exchange for capping rent increases on existing tenants at 10% a year. Council discussed it on first reading and plans a vote July 6.

Related issues (1)

Alcazar redevelopment 30-year tax abatement and TIF

A 30-year tax increment financing deal for renovating the Alcazar apartments drew scrutiny: Council Member Cobb argued the city's own parking requirements add roughly $10,000 a year in costs that taxpayers then subsidize. Rent protections for long-time tenants were clarified to start at construction completion.

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