Cleveland Development Advisors brings $10m in NMTC Allocations to Glenville Circle North, First of Mayor’s Neighborhood Transformation Initiative Projects
Financing for the Glenville Circle North development, the first project in the City of Cleveland’s Neighborhood Transformation Initiative (NTI), closed on Friday September 21. Cleveland Development Advisors, the real estate and business finance affiliate of the Greater Cleveland Partnership, provided a $10M New Markets Tax Credit (NMTC) allocation. As the name suggests, the project is located just north of University Circle along the E. 105th corridor which serves as the backbone of Glenville. “Ensuring the wealth and prosperity building in University Circle expands into surrounding neighborhoods is critical for Cleveland’s economic future,” said Yvette Ittu, President of Cleveland Development Advisors. “CDA supported this project because of its potential benefits to Glenville and because we share in the Mayor’s focus on neighborhoods and creating quality jobs and wealth building opportunities.”
The project will provide 63 units of market rate and affordable housing, a restaurant incubator kitchen / restaurant and an accelerator space providing entrepreneurship and startup programming for all ages. The Cleveland Citywide Development Corporation is providing funds for the kitchen/restaurant space and driving the entrepreneurship focus of the project. The co-working and commercial spaces will be home to multigenerational programming to drive business development and wealth building in the community. Additionally, the project is seeking LEED Silver certification and will include key elements of the NEORSD stormwater management plan including water permeable pavers, bioswales and on-site retention systems.
The $16M project is being developed by the Finch Group, an active participant in Cleveland’s redevelopment for many years. Founder and Chairman, Wes Finch, is honored to partake in the first of the NTI projects. “The success of University Circle has been great for Cleveland, but this project is part of the next wave, already underway, to pull the investment and opportunities into surrounding neighborhoods, engaging residents and creating jobs,” he said. “When the city approached us about their plans, partners and desired programming for the commercial spaces, it was obvious we needed to get this project across the line.”
Euclid Grand: Important Piece of Euclid Corridor Puzzle Closes Financing on Heels of Study Showing Sustained Demand for Downtown Living
Cleveland Development Advisors, the real estate and business finance affiliate of the Greater Cleveland Partnership closed financing on the $76 Million Euclid Grand development, (formerly the John Hartness Brown Complex at 1001-1101 Euclid Ave) on Thursday, September 27. The project, which sits just east of E. 9th street, will create an additional 222 multifamily apartment units and 21,206 square feet of ground level commercial space. “This is project represents one of the last major projects along the Euclid Corridor from Public Square to Playhouse Square,” said Yvette Ittu, President of Cleveland Development Advisors. “It is exciting to see the downtown neighborhood develop and grow into a mature and thriving community. Watching the final gaps getting filled in validates our early investments and provides some of the units needed to fill continued demand for downtown housing.”
In addition to the funds from CDA, the project sponsor, ALTO Partners, received financing from The Port Authority, ULICO, and a bridge loan from Octagon Finance, all of which was supplemented with both Federal and State Historic Tax Credits. The project is targeting a May 2020 completion date.
This announcement comes on the heels of Downtown Cleveland Alliance’s release of a housing demand study from Philadelphia, PA based Urban Partners the day prior. The study, initiated by GCP and CDA along with partners Downtown Cleveland Alliance, Cleveland Neighborhood Progress and Enterprise, looked at center-city housing trends in cities across the United States suggests the Downtown Cleveland neighborhood has room to absorb an additional 6,800 housing units and nearly 13,000 new residents over the next 10 years despite the rapid development that has seen the current downtown population rise to an estimated 17,500, a huge increase from 8,900 in 2010.
More details of the report can be found in a recent Plain Dealer article by real estate reporter Michell Jarboe.
There is Still Time to Volunteer for True 2U
Recognizing that career readiness starts early, an innovative program True2U—a collaboration among the Cleveland Foundation’s youth development program, MyCom, the Cleveland Metropolitan School District (CMSD), the Greater Cleveland Partnership and the Neighborhood Leadership Institute— provides eighth-graders with support to explore their purpose, identify their strengths and set personal goals for success.
We invite business professionals from all industries to volunteer as mentors for the program. We are now accepting applications for the 2018-2019 school year. Mentors will meet with a cohort of students monthly, for two-hour sessions, from October to May.
To submit your mentor application, please click HERE.
For questions about mentoring, contact Angela Finding at firstname.lastname@example.org or 216-592-2385.
Nominate Your Emerging Leaders for GCP LEAD
We are now accepting nominations of emerging leaders from Greater Cleveland Partnership member companies for the 2019 GCP LEAD Cohort 4. You may nominate one or two individuals.
GCP LEAD (Link. Engage. Advocate. Develop.) was created because the GCP recognizes the importance of cultivating our region’s future business and community leaders through becoming engaged in the GCP's work.
Nominees must have at least five years of professional experience and an interest in getting involved in the GCP's priority areas of education and workforce, advocacy, diversity and inclusion, business development, physical development, and small and middle market initiatives.
To submit your nomination(s), please contact Angela Finding at email@example.com.
CLE Has Busiest Summer Since 2009
Cleveland Hopkins International Airport (CLE) experienced its busiest summer since 2009, and has continued to surpass year-over-year passenger numbers from June to August.
Public Square Named one of the 'Great Places' for 2018
The American Planning Association announced the country's Great Places in America last week and Cleveland's own Public Square was among the designees.