K&D and Affiliates
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 40 apartment and condominium communities, consisting of nearly 13,000 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, soon to converted back to apartments. Recently, K&D acquired the Hanna Annex, an office building owned by an affiliate of PlayhouseSquare Foundation. It is in the process of a historic renovation, converting the office space into over 100 luxury apartment units with first floor retail – the first of its kind in the Theater District of Downtown Cleveland. K&D has now set its sights on its next historic renovation project, The East Ohio Gas Building, located in the “Nine-Twelve District” of Downtown Cleveland (traditionally the financial district), and anticipates closing on this acquisition in early 2013 and commencing the creation of 223 luxury apartments with some of the best views of the lakefront and Downtown available in the market.