One of the largest properties on Lakewood’s Gold Coast is getting a major makeover. The Carlyle is currently undergoing a $5 million restoration and redevelopment program to revitalize the building and grounds. Funded entirely by suite owners through a special assessment, the program includes the full restoration and waterproofing of the building’s parking deck, replacement of the electrical distribution system, restoration of the outdoor pool and re-landscaping of the outdoor pool area, and a complete overhaul/replacement of the heating system, which will lower utility costs.

In 2008, the front lawn areas will be re-landscaped and the interior areas of the parking garage and balcony privacy panels will be painted. The exercise room will also be overhauled and refurbished with new equipment. In 2009, the lobby and residential corridors will be redesigned and redecorated. Projects under consideration include the construction of green spaces around the building’s perimeter and a split-level exercise facility overlooking the lake and downtown Cleveland.

“Our goal is to make the best use of our very special location on the lake,” says suite owner and Marketing Committee Chairman Steve Casselman. “We’re capitalizing on our shoreline location, getting rid of asphalt and adding more green space to create more of a park-like feel.”

Building Manager Brian Van Atta points out that Lakewood’s Gold Coast properties are important to the city’s economy. Until the recent softening of the Northeast Ohio housing market, Carlyle property values steadily increased during the last decade. “With increasing property values comes an increased tax base,” says Van Atta. “And with 546 residential suites, we are a significant chunk of Lakewood’s tax base.” Compared to single-family homes and smaller multi-unit dwellings, Van Atta adds that it is economical for the city of Lakewood to service the Carlyle and other Gold Coast properties. Garbage, for instance, is picked up in one stop for all units.

With 546 suites and a mix of young professionals and retirees, the Carlyle community is diverse. With a dry cleaner, restaurant, deli, beauty salon, exercise room and racquetball court on site, residents almost never have to leave the grounds. “We are almost a city unto ourselves,” says Casselman. “Everyone is welcome here.”

Casselman says that people are frequently surprised at what a good value suites within the building are. “Often people assume that with our lakefront location, it must be pricey to live here. But, many of our units are extremely affordable.” 

The impetus for the restoration project is the recognition by suite owners that the Carlyle, like other Gold Coast properties, must maintain its luster to compete with newer condominiums. The past several years have seen many warehouses and other former industrial buildings converted into condos in downtown Cleveland. New condominium construction has also sprouted throughout the region, including elsewhere in Lakewood.

“None of these properties can compete with us in location,” says Casselman. Indeed, with a private beach area, lakeside picnic grounds and volleyball courts, as well as an outdoor pool overlooking Lake Erie, the Carlyle’s location is one of its selling points.

Van Atta says the Carlyle offers many other advantages in addition to its lakefront location. “Our location is perfect for quick access to the city without the hassle of living downtown,” says Van Atta. “There is no shortage of parking spaces for owners or their visitors. And police and fire department response time is exceptional. If, for instance, you lock your keys in your car, the Lakewood police respond almost immediately.”

Unlike some other newer condominium properties, nearly all maintenance at the Carlyle is covered by the association. “In some of the newer projects, all maintenance expenses fall to the suite owner,” says Van Atta. “We think the Carlyle is a better investment dollar for dollar for the owner when reviewing what’s covered in maintenance fees.”

Van Atta points out that all the renovations and improvements the property is about to undergo will have a life expectancy of at least 20 years. “Our view is to pay once and be done with it,” he says. In addition to being a positive contributor to the city’s economy, the Carlyle and the other Gold Coast properties add to Lakewood’s vibrancy, says Casselman. “We’re a very cosmopolitan community. And we recognize that our ongoing success is inextricably intertwined with Lakewood’s success.”

For more information on the Carlyle, visit the property’s web site at www.carlylecondos1.com.