K&D Properties was originally established as a partnership by Douglas E. Price, III and Karen M. Paganini in 1984. The partnership began purchasing and renovating properties and formed K&D in 1998 to manage and acquire future properties. Today, as Northeast Ohio’s largest privately owned property management and development firm, K&D owns and manages over 45 apartment communities, consisting of nearly 10,000 units throughout Northeast Ohio, and includes properties attractive to high, moderate, and lower income individuals and families. Mr. Price functions as K&D’s Chief Executive Officer, and Mrs. Paganini is its President.
Throughout the years, K&D has used its well-established methodology of identifying and acquiring undervalued properties and then renovating, repositioning and/or redeveloping these properties into highly successful residential communities that maintain high occupancy levels relative to the marketplace in general. As an example, K&D has successfully redeveloped the former William Taylor & Son Department Store building into The Residences at 668, with over 232 luxury apartment units, 70,000 square feet of offices and fine dining, an attached 400 car parking garage, and a cutting edge two-story fitness center, all in a historically renovated building. The Residences at 668 has enjoyed 100% occupancy from the date of completion, and currently maintains a significant waiting list of prospective tenants.
K&D’s re-development efforts have also included Reserve Square, a mixed-use, urban high-rise project occupying one entire city block in downtown Cleveland that was originally developed by Sam Zell. Reserve Square includes 765 apartment units, 250,000 square feet of commercial and retail space, a 900-space parking garage, and another 268 rooms from the former Embassy Suites Hotel that have been converted back to apartments.
In 2012, K&D identified another historic renovation and purchased the Hanna Annex in Playhouse Square. With its doors opening in 2013, The Residences at Hanna introduced over 100 new luxury apartments to an area that had been previously lacking in quality, luxury residential options—and became the first apartment community in the Playhouse Square District.
In 2013, K&D embarked on its next historic renovation with the purchase of the East Ohio Gas Building, the second tallest and first all-glass building constructed in Downtown Cleveland at the time of construction in 1959. Transforming this glass tower into luxury suites offering some of the most impressive views of the Cleveland skyline and Lake Erie shore, Residences at 1717 began welcoming residents home in 2014.
2014 brought about the purchase of the Leader Building—built in 1913 as the headquarters for The Cleveland Leader and The Cleveland News newspapers. Located in the historic Gateway District, Residences at Leader became home to downtown’s growing population in 2017.
The Halle Building, built in 1910 as the Halle Brothers Co. department store, was purchased by K&D in 2014. Residences at Halle began welcoming residents in 2018 and offers a 21,000 square foot Amenity Center located on the lower level that includes the largest private fitness center downtown, conference room, and community center. Yours Truly restaurant is located on the first floor.
Terminal Tower, which was purchased in 2016, offers nearly 300 luxury suites and a mixed-use residential center. Residents and tenants enjoy exclusive use of 15th floor amenities center that consist of a state-of-the-art fitness center, an expansive indoor community room and rooftop deck with bar area.
K&D is currently working on the conversion of the newly purchased 55 Public Square building into a mixed-use project consisting of 205 apartments, 500 car garage, ground level restaurant and roughly 140,000 square feet of commercial space. Residences at 55 is currently leasing for first move-ins beginning in October of 2022! Visit www.ResidencesAt55.com to learn more about this brand new community!
What’s next for K&D? K&D is currently enjoying streamlining operations of all current properties and is keeping their eyes open for the next opportunity. Keep an eye on the “In The News” page for the latest updates!