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.
“Partnerships like the one between CDA and Menlo Park move us closer to achieving the goal of The Cleveland Plan of more quality seats in every Cleveland neighborhood,” said CMSD Charter Schools Executive Director Stephanie Klupinski, J.D.
“Menlo Park is moving deeper into the city to reach more of Cleveland’s children. We are excited about Menlo Park’s growth, which creates an expansion of opportunities for Cleveland’s gifted students.”
The NMTC allocation utilized for this project was the balance remaining from the $50 million award CDA received in 2015. Announcement of the next allocations is expected soon.