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.
Upon completion, valuable goods and services will be available to the neighborhood through a grocer specializing in locally-sourced and fresh foods, a co-working facility to provide low-cost access to office facilities and business resources, and a complement of neighborhood restaurants and retailers.
In addition, The Music Settlement will open a second location to operate high-quality programs providing early childhood education, music education and music therapy services.
This transformational project will create a vibrant connection between Ohio City, Hinge Town, Gordon Square Arts District, and downtown Cleveland is expected to attract additional private investment.
Read more about the project in these stories from cleveland.com
and Crain’s Cleveland Business