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After nearly 20 years of vacancy, as well as numerous attempts at redevelopment, the Joseph and Feiss complex located on West 53rd Street in the Stockyards neighborhood is finally being revitalized into a catalytic neighborhood asset.
Financing has closed for a $17 million project that will redevelop the building as the new home of Menlo Park Academy (Menlo).
Cleveland Development Advisors (CDA), the Greater Cleveland Partnership’s real estate and business development finance affiliate, provided a $10 million New Markets Tax Credit (NMTC) allocation, Ohio NMTC allocation, and $3.1 million in financing.
Menlo is Ohio’s only tuition-free community school focused solely on gifted learners in grades K-8. It is an approved partner of the Cleveland Metropolitan School District (CMSD), and Cleveland residents are given priority for admission. Menlo's partnership with the CMSD supports the goals and implementation of The Cleveland Plan, one of GCP's top educational priorities. Read more.
Cleveland Metropolitan School District’s (CMSD) ninth graders who attend Academies of Cleveland (AoC) schools recently pledged their commitment to graduate in a ceremony held at each of the five AoC schools.
AoC is a new approach to college and career readiness for students attending these CMSD high schools: Garrett Morgan, Jane Addams Business Careers Center, Martin Luther King Jr., Max S. Hayes, and Washington Park Environmental Studies.
It is one component of Pathways Partners, an initiative of the Greater Cleveland Partnership that connects the business community with education providers and students in developing Cleveland’s future workforce. Read more.
Greater Cleveland Partnership President and CEO Joe Roman and Theresa Mintle, his peer at the Chicagoland Chamber of Commerce, have a wager going for this year’s World Series.
One team—probably the Indians, Joe thinks—will end one of baseball’s two longest championship droughts. (Cleveland is looking for its first World Series title in 68 years; the Cubs haven’t won since 1908.)
Joe and Theresa—who serve together on the Executive Committee of the Association of Chambers of Commerce—are each wagering $100 of locally produced merchandise (mostly food products) from their respective cities based on the final outcomes. Read more.
Above image: "Rally Together" mural on display at Public Square.
Vote “Yes” on Issue 32
The Greater Cleveland Partnership’s Board of Directors formally supported Issue 32 because it would give our city the ability to enhance services, grow and develop our neighborhoods, and it will lessen the impact of other revenue cuts recently imposed on Cleveland.Read more in our blog.
Issue 108 will continue CMSD’s progress
The Greater Cleveland Partnership is urging a "YES" vote on Issue 108, a four-year renewal of the 15-mill operating levy that supports the Cleveland Metropolitan School District (CMSD) with 1 mill set aside for partnering with high-quality charter schools.
Levy funds will provide four more years of financial support for The Cleveland Plan, Mayor Frank Jackson's blueprint for positively transforming the delivery and impact of education for Cleveland’s K-12 students. The levy is vital to continue progress achieved through the plan's implementation. Read more.
Why the organization is urging a YES vote on the Cleveland schools levy and the city income tax increase and the importance of the Cleveland Metropolitan School District and teachers reaching a contract agreement.
The conversation also includes observations about the boost to downtown from the Indians’ success in the postseason playoffs and projects that are encouraging investment in Cleveland neighborhoods and more.
Click to listen.
Financing for the $60 million Ohio City project known as w25d has closed and construction is officially underway.
Cleveland Development Advisors (CDA), the Greater Cleveland Partnership’s real estate and business development finance affiliate, provided a $10 million New Markets Tax Credit (NMTC) allocation and $2.5 million in financing.
The project, involving both new construction and historic renovation, will bring 194 apartment units and 50,000 square feet of commercial space to this key intersection. Read more.
Federal Reserve Bank of Cleveland President Loretta Mester spoke last week at the Greater Cleveland Partnership’s Third Quarter Middle Market Forum attended by more than 70 CEOs from GCP/COSE middle-market and small business investor companies.
In her remarks, Dr. Mester said that an increase in the federal funds rate is appropriate and would help prolong the economic recovery.
“The reason I believe a gradual upward path of policy continues to be appropriate and that I favored taking another step on that path in September is because of the realized progress the economy has made on our monetary policy goals and my expectation of further progress,” she said. Read more.