IMPACT.

Take a walk through downtown Cleveland and its neighborhoods, and you will see it - evidence of the positive impact that Cleveland Development Advisors, in collaboration with private, public and civic partners, has had on our city.

Keep walking and watching. We're going to continue investing in catalytic projects in Cleveland - in its neighborhoods, its businesses, and its big ideas.

Because that's how real impact is made.

The road signs say it's working.

Click here to watch the CDA video.

In the News

Cleveland New Markets Investment Fund II

In 2007 Cleveland Development Advisors was awarded a $25 million allocation of New Markets Tax Credits through the United States Department of Treasury, Community Development Financial Institutions (CDFI) Fund.

This additional allocation will go a long way in leveraging funds for local development and advancing CDA's mission to provide gap financing towards projects in Cleveland's downtown and neighborhoods. Opportunities exist in the areas of arts and culture, office, retail, live/work space, hospitality and new residential neighborhoods that complement and provide connectivity to Cleveland's major strengths: world-renowned medical facilities, institutions of higher education, arts and culture and the business community. To date CNMIF II has invested its allocation into the following projects:

668 Euclid Avenue: In participation with $15 million allocation from NCCDC, CNMIF II utilized $5 million to leverage the $70 million historic rehabilitation and adaptive reuse of the 668 Atrium Building into 236 market-rate apartments and 65,000 SF of retail space on Euclid Avenue that will be an important catalyst in the revitalization efforts spurred by the $250 million Euclid Corridor project. The retail is fully leased to an advertising firm, restaurant, convenience store and gym. Apartment lease up has been solid to date. Though occupancy is under way full completion is expected in February 2010.

Capitol Theatre: In participation with a $3.5 million allocation from NCCDC, CNMIF II matched with an additional $3.5 million to assist the $7 million historic rehabilitation of the Roaring 1920’s era movie palace. As the 1st phase of the $25 million Gordan Square Arts District master plan that will include the rehabilitation of two other theatres, housing, and supportive street-level retail. The theatre opened in October 2009.

Tudor Arms: CDA utilized $4.0 million of its allocation leveraging $2.1 million CDP II debt and $750k VCC debt. The Tudor Arms building, located on the southwest corner of Carnegie and East 107th St, was built in 1930 for use as a private club, than was converted into a hotel in 1939. It was most recently home to Americorp. The building is being converted into a 157-room Hilton Doubletree hotel, fully equipped banquet space, & food service tenancy. Completion is scheduled for September 2011

Shoreway Industrial: In participation with a $9 million NDC allocation, CNMIF II contributed $6.235 million allocation to leverage $15.6 million project aimed at transforming the former White Motor Company located at St. Clair and East 73rd Street into a world class distribution, warehouse and logistics industrial park with access to rail, water and highways. The placed in service date is expected in 9/2011.