The 5-story Fairmont Creamery was constructed in 1930 and has been vacant since 1980.  In addition to providing much needed housing and commercial space for the neighborhood, the redevelopment of the building will leverage streetscape investment from the City of Cleveland on Willey Ave and create a safe, pedestrian and bike friendly link between the Tremont and Ohio City Neighborhoods.

www.thefairmontcreamery.com

Project Partners: City of Cleveland; Cuyahoga County; Enterprise Community Partners; Goldman Sachs Bank; Nationwide Insurance Company; State of Ohio

Project Details

Completed 2014
Location 1720 Willey Avenue; Tremont Neighborhood
Project Type Mixed Use; Historic Rehab
Program 30 apartments; 23,000 SF commercial space
Sponsor Sustainable Community Associates
CDA Investment $1.25 million loan from CDP II; $5 million NMTC allocation from CNMIF II
Total Project Costs $15.1 million
Community Demographics Poverty Rate: 62.1%
Median Income: 35%
Unemployment Rate: 27.2%

Impact

  • Affordable Housing Units

    6 of the apartments will be reserved for people with 80% AMI providing an affordable housing option.

  • Executed Community Benefits Agreement

    The project sponsor has committed to quantifiable community impacts by executing a Community Benefits Agreement.

  • Diversity and Inclusion

    The developer committed to participation goals for Minority, Female, and Cleveland Small Businesses (MBE/FBE/CSB) as well as minority, female and City of Cleveland resident workers.

  • Environmentally Sustainable Outcomes

    The project returns a Brownfield site to productive use.

  • Job Creation

    The project is anticipated to create 90 prevailing wage construction jobs. Upon completion, 45 full time or full time equivalent permanent jobs will be located at the project site.