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.