At the beginning of October the UUCC Board of Trustees and National Church Residences (NCR) finalized the execution of a Purchase and Sale Agreement (PSA) for UUCC’s property at 2728 Lancashire Drive in Cleveland Heights. UUCC has been negotiating the PSA with NCR since last summer and has been under restrictions from confidentiality agreements during those negotiations. With the PSA now in-place we are providing the following summary of the agreement.

The purchase price is $700,000 which will be paid at closing. However, closing is subject to an extended time period of due diligence by NCR which includes their negotiations with the city of Cleveland Heights to acquire the two parking lots adjacent to UUCC’s property, finalizing funding sources, and applying for government tax credits. The most likely date for closing will be in early 2026. See more details below.

• The PSA provides for an extended timeline of due diligence and pursuit of funding for the project by NCR which will last into the summer of 2025 with potential extensions reaching into the fall of 2025.
• NCR is proposing to also acquire the city-owned parking lots to the east and west of our property and develop a senior affordable housing center on the entire site.
• NCR will also be applying for affordable housing tax credits from the state of Ohio Housing Finance Agency (OHFA) and the US Department of Housing and Urban Development (HUD). Applications will be submitted in the February 2025 timeframe with decisions by those government agencies typically made by June.
• The PSA does allow NCR to terminate the deal during the due diligence period including if they fail to gain the funding required and/or the tax credits are not granted.
• Assuming NCR is successful through the due diligence period and acquiresthe necessary funding and tax credits, closing of the sale would likely occur in early 2026.
  NCR has stated that they would then foresee demolition of the existing building and construction activity would begin in the spring or summer of 2026 with an approximate construction timeline of 16 months, making the center available for occupancy later in 2027.

NCR is an Ohio-based, national developer specializing in senior affordable housing. See this link (https://www.nationalchurchresidences.org) for more information about NCR and their projects.

Cleveland Heights and NCR held a community meeting on November 14 at the Coventry Village Library branch to introduce the project and provide the preliminary site plan showing how the development will be positioned on that property. Both CH and NCR indicated at that meeting that they expect to be holding more community meetings to update residents as the project proceeds.

Share this post: