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Urban neighborhood revitalization continues in Cleveland

Last week, the Wall Street Journal included a story about young, educated, high-earning professionals who are moving to city neighborhoods with a focus on Ohio City in Cleveland.

Click to read the story about how this trend has changed the neighborhood, including a reduction in the office and retail vacancy rate to 2 percent and increased housing values.

The redevelopment is expanding, just beyond Ohio City. Recently, the Board of Cleveland Development Advisors, the Greater Cleveland Partnership’s real estate and business development finance affiliate, approved $12.5 million in financing to support the W25d project, located in the Ohio City Market District Sub-market. (Image right: map of Ohio City, including the Ohio City Market District )

The $60 million multi-purpose development at the corner of West 25th Street and Detroit, is being developed by the Snavely Group.

It will include a newly constructed 194-unit market rate apartment building, and 50,000 SF of Class A commercial space that will house the Music Settlement, co-working space (Beauty Shoppe) and a small grocery. The developer also plans to add 38 low-income apartment units.