Cleveland, Ohio—Cleveland Development Advisors (CDA), an affiliate of the Greater Cleveland Partnership, has been awarded $30 million in federal tax credits by the U.S. Department of the Treasury.
CDA is a real estate and business financing organization that uses private capital and federal tax credits to help fund catalytic projects that promote economic and community development in Cleveland.
The $30 million award—part of a very competitive, nationwide distribution—marks the fourth time CDA has successfully applied for the federal New Market Tax Credits since 2003. Earlier allocations have financed 25 projects that have resulted in over 4,000 permanent jobs, 917 housing units, 670,000 square feet of retail and hospitality space, 1.2 million square feet of office space and 450,000 square feet of industrial space.
“This is great news for Cleveland,” said CDA President Yvette Itu. “These tax credits often provide the impetus for developers to proceed with projects that improve our city and result in the retention and/or creation of jobs. CDA uses the tax credits to help finance projects that are well-positioned to succeed and generate long-term economic benefits for Cleveland.”
While the pipeline of important projects is significant, CDA plans to use its 2012 NMTC allocation to finance catalytic development projects focused on downtown revitalization along the Euclid Corridor and the NineTwelve District, neighborhood redevelopment and business facility expansion that focus on the creation of quality jobs in Cleveland and Cuyahoga County that build upon the inherent strengths of Cleveland. Ittu said CDA will collaborate closely with the City and other stakeholders to make strategic investments.
Mayor Frank Jackson applauded the award. “CDA has to compete nationally for these funds, and once again they proved their great value to Cleveland by earning this substantial award,” Jackson said. “This is money that will be used to leverage and attract other public funds as well as private investment in Cleveland. CDA has a great track record and this new installment of tax credits will only enhance their performance and value to our city.”
CDA was one of just five groups in Ohio that were awarded funds. Of 282 applicants vying for the funds, only 85 were successful.
Bob O’Brien, chairman of the CDA board, said CDA is very well run and provides invaluable assistance to the city. “This is a major win and will build on the tremendous economic momentum in Cleveland right now,” O’Brien said.
Joe Roman, GCP president and CEO, said CDA’s successful effort is coming at a good time. “These truly are unprecedented times in Cleveland,” Roman said. “There are billions of dollars being spent on a wide array of projects in the city, and this new infusion of tax credits for CDA will only add to our city’s forward movement. Cleveland is in the midst of a huge remake in terms of the continued diversification of our local economy as well as the upgrade to downtown and other parts of the city. It’s exciting and good to see, but we have to keep pushing. This CDA award will help.”
Some of the projects that CDA has helped to finance include:
- Lutheran Metropolitan Ministry
- 800 Superior Avenue – AmTrust Financial Headquarters
- Middough Arts Center in PlayhouseSquare
- Residences at Hanna
- Marcus Thomas Headquarters
- The Shoreway Commerce Park
- The UpTown project in University Circle
- The East 4th Street neighborhood
- Battery Park and Capitol Theatre in the Detroit Shoreway neighborhood
- Lab and office space for medical start-ups and tech companies along Euclid Avenue
- The Rosetta headquarters at 629 Euclid Avenue
- Arbor Park Plaza in the Central neighborhood
Cleveland Development Advisors (CDA) manages private-sector investment capital raised to advance economic and community development in the city of Cleveland. Since its inception in 1989, CDA has directly invested $200 million and leveraged more than $2.1 billion in new investment dollars into more than 100 strategic real estate development projects. CDA is an affiliate of the Greater Cleveland Partnership (GCP), providing vital investment dollars to assist GCP in its core mission. Additional information regarding CDA and its investments can be viewed at www.clevelanddevelopmentadvisors.com.
The Greater Cleveland Partnership mobilizes private-sector leadership, expertise and resources to create attractive business conditions that create jobs, grow investment and improve the economic prosperity of the region. www.gcpartnership.com.