On December 30, 2019, developer Rick Foran closed on financing of the $13 million renovation of the former Astrup Awning Company building at 2937 W. 25th Street into an 80,000 SF community hub teeming with big name non-profit and community-driven tenants from the Cleveland Museum of Art to the Boys and Girls Club of Cleveland, Inlet Dance Theatre, the Progressive Arts Alliance, and the Cleveland Rape Crisis Center to name a few. The redevelopment of the Astrup as an arts-centric and community-focused space contributes to the synergy and momentum taking shape in the Clark-Fulton neighborhood. You can read and watch more on the project from News 5 Cleveland.
Cleveland Development Advisors (CDA), the real estate and small business development finance affiliate of the Greater Cleveland Partnership, used the first of its recently announced JPMorgan Chase PRO Neighborhoods funds to provide two loans to the project. The first was a $1.5 million match to a Cleveland Foundation Program Related Investment for a total of $3 million in leverage debt for the New Markets Tax Credit (NMTC) financing, and the second was a $600,000 loan direct to the project. Additionally, Finance Fund -- CDA’s partner in the PRO Neighborhoods grant -- provided a $7 million NMTC allocation to the project.
The project is expected to be complete at the end of 2020.