11802 Detroit Avenue – The Phantasy Entertainment Complex
The Phantasy has been a landmark Lakewood entertainment destination for decades. Budish and Figgie intend to preserve the building’s history by listing it on the National Register of Historic Places and making the Phantasy the cornerstone building in this new hub for the LGBTQ community.
The venue will consist of six entertainment destinations of various scales and themes plus several ground-floor retail spaces. Budish and Figgie will look to renovate the storefronts to provide affordable space for LGBTQ retail as well as a new coworking space and podcast studio geared towards LGBTQ entrepreneurs. The entertainment venues will be renovated to provide LGBTQ nightlife with a dedicated space and to elevate the art of drag in Cleveland on an international scale.
Cleveland Development Advisors has provided a commitment for financing to acquire the building and provide time to work through the design and permanent financing process. Budish and Figgie anticipate utilizing historic tax credits, new markets tax credits, tax increment financing and other city and state subsidy programs to fully renovate the complex in a manner that enables rents to remain low for the cadre of LGBTQ businesses and non-profit tenants that they are looking to support.