NRP Group, a powerhouse national developer of apartment complexes and other multifamily properties, is set to make some real estate noise on its own account.
The company, founded in 1995 and based in Garfield Heights, plans to move by the end of the year to the Halle Building in downtown Cleveland, contingent on the approval of state and local incentives. NRP Group said late Friday, April 28, that it’s working with JobsOhio and the city of Cleveland on incentives to complete the relocation plan.
If all goes as planned, NRP Group will take about 43,000 square feet and will occupy the entire fourth floor of the Halle Building, 1228 Euclid Ave. The company declined to disclose how much space it has in its existing building in Garfield Heights, at 5309 Transportation Blvd.
A move to the Halle Building space would come with options allowing NRP Group to increase its space beyond the fourth floor, the company said.
Valentina Isakina, JobsOhio managing director for select headquarters operations, said in statement that NRP Group’s move to a Cleveland headquarters “will bring at least 38 new jobs to the region and help revitalize an historic building downtown.”
NRP Group said its space in the Halle Building would feature an open floor plan and would hold 200 employees. NRP Group is making the move to accommodate what it characterized as “rapid growth and expectations for further expansion,” as the multifamily property market has been hot for several years.
J. David Heller, principal and CEO of NRP Group, said the company was drawn to the Halle Building because of its central location “enabling our employees to fully experience the city of Cleveland and what it offers.”
The Halle Building space “will be state-of-the-art in design with high-end technological capabilities while still preserving historical elements” of the building, according to the company.
The building opened in 1908 as a department store and in 1986 was converted to office and retail space, according to information on the website of the building’s owner, K&D Real Estate Services. It has a total of 380,000 square feet on 12 floors.
Willoughby-based K&D bought the Halle Building in December 2014 for $20 million.
NRP Group is a full-service developer, general contractor, and property manager of multifamily, senior and student housing nationwide.
The National Multifamily Housing Council’s most recent ranking of the country’s largest apartment developers put NRP Group at No. 7 on the list, with 3,720 units started in 2016. The company started 1,785 units in 2015, according to the council’s list.
In addition to its Northeast Ohio headquarters, the company has offices in Austin, Texas; Boston; Buffalo; Dallas; Detroit; Gaithersburg, Md.; Houston; New York City; Orlando, Fla.; Raleigh, N.C.; San Antonio; and Tampa, Fla.
NRP Group has 570…