The structure, called Pinnacle at the Cloak Factory, will have a total of 80 suites, 48 of which will be offered for sale for a minimum of $370,000 each. The other suites will be rentals.

Mr. Georgalis did not disclose the proposed project's cost. However, a structure of that scale would cost more than $30 million to build, based on industry standards. Mr. Georgalis plans to present the design to the city's Design Review Board this Thursday, July 24. He already won approval this month for the design from the Historic Warehouse District Development Corp.'s design review board.

Mr. Georgalis likens the proposed building to a gated community, complete with a concierge, gardens and fitness center. It also would have a surprising base. It would be built atop a three-story parking garage that Mr. Georgalis' investment company bought three years ago at 701 W. Lakeside Ave.

"We are not parking people," Mr. Georgalis said. "The higher use of this property is as housing. It's what we wanted to do all along."

Pinnacle would be a significant building for the Warehouse District, according to Tom Yablonsky, executive director of the Historic Warehouse District Development Corp.

"It adds more for-sale housing to the district and it's someone who did rentals coming back and want-ing to do more housing," Mr. Yablonsky said. "It's also the first implementation of our master plan that we unveiled two years ago to do infill housing on parking lots."

Mr. Yablonksy said the existing parking garage does not fully exploit the value of the ground it sits upon.

Mr. Georgalis said he hopes to wind up with at least eight $1 million condo units, depending upon buyer demand. He said four buyers already have reserved units costing more than $450,000 each.

If the city approves the project this summer, Mr. Georgalis said, he would look to start construction by November and to make the first units available in less than a year. Mr. Georgalis said he is in final negotiations with lenders. He declined to identify them.

The parking garage that will serve as the base for Pinnacle primarily will remain intact on the first three floors of the building, although a lobby and offices will be added. Three floors of additional parking will be built above the existing garage, with eight floors of condo and rental units atop the parking space.

Pinnacle would be the first new residential structure in the Warehouse District since the Crittenden Court Apartments, 955 W. Ninth St., and Kirkham Place townhouses on West 10th Street opened in the early and mid 1990s, respectively. Other rentals and condos in the district are rehabs.

The modern-style building is designed by the Schmidtcopelandparkerstevens architectural firm of Cleveland. The structure will have undulating, wave-like walls on its east and west sides; the effect would be produced with glass curtain walls hung on a steel frame. The aim of the walls is to maximize each suite's view of Lake Erie and to keep neighboring balconies out of the way, Mr. Georgalis said.

Rather than typical rectangular patterns, the suites are designed so they jut diagonally from the hallway. When the door to each suite is opened, there will be a full view of the lake, not adjoining buildings or the city, Mr. Georgalis said.

Plans call for selling the top two floors of the building as if they were a single floor in order to give buyers two-story, build-to-suit townhouses with mezzanines and 27-foot ceilings. The other six floors of residential space will consist of 10 units on each floor. The units will range from 1,400 to 3,537 square feet.

Costs for condos will be $225 to $265 per square foot and rentals will cost $1.20 per square foot, the same as at the Cloak Factory. Pinnacle suites will have the same high-end finishes, such as granite kitchen counters and marble-floored bathrooms, as in the Cloak Factory, Mr. Georgalis said.

Mr. Georgalis said he plans to serve as his own general contractor on the project, which now is his focus.