In 1915, the W. Bingham Co. built a wholesale warehouse in Cleveland. More than a century later, that building still stands but has been reclaimed after being converted into apartments that provide residents with a prime location in one of the most popular areas in Cleveland's downtown.
Sporting events, entertainment, restaurants and other nightlife options are all within walking distance of the 338-unit rental building. Town Management, a Chicago-based real estate investment and management company that specializes in residential and commercial property management, owns and manages the building in partnership with Philadelphia-based Morgan Properties.
The building maintains a chic industrial vibe with its original hardwood floors and high ceilings with exposed piping, while also providing modern finishes and features in demand by today's renters. Residents say they enjoy the building's downtown views and unique living spaces, as well as an on-site grocery store and a fully equipped fitness center.
About the project: While Cleveland's Warehouse District was the epicenter of downtown residential redevelopment in the late 1990s and early 2000s, the market has since been flooded with new apartment developments, making the conversion of a downtown warehouse to residential increasingly challenging.
For its role in successfully managing this transformative multifamily redevelopment helping to redefine downtown housing in Cleveland, the Bingham Apartments earned a 2025 CoStar Impact Award for multifamily development of the year, as judged by real estate professionals familiar with the market.
What the judges said: "The conversion of these warehouse/industrial buildings located in the central business district to residential was courageous and visionary, leading Cleveland to become a prime example of adaptive reuse in the U.S.," said Antonin Robert, president of community development at GBX Group. "With the resulting growth of the multifamily residential market in Cleveland, Ohio City, Tremont and the Detroit Ave. Corridor, it is important for the owners (and new owners) of these early conversions to update them and keep them up-to-date and competitive. Adding amenities to meet the market demand will keep the Warehouse District an attractive location for downtown residents when making their decision of where to live."
They made it happen: Property Manager Tina Szabo of Town Management oversees the Bingham Apartments for the building ownership group.
CoStar Market Manager Akeem Holmes contributed to this report.