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BACKGROUND INFORMATION
Uptown is mixed use new construction project along Euclid Avenue in the University Circle Neighborhood. An extensive group of public and private sources came together to make this project a reality – a true testament to the community support. When fully completed, Uptown will be home to 200 new residential housing units, over 100,000 square feet of retail/restaurant space, the Museum of Contemporary Art (MOCA)and the Cleveland Institute of Art. The first phase includes 102 apartments and 56,000 square feet of retail space, anchored by a Barnes and Noble bookstore. To make this project a reality, CDA utlized a $1.5 million subordinate loan from Cleveland Development Partnership and $6.25 million in New Markets Tax Credits from Cleveland New Markets Investment Fund II.

PROJECT INFORMATION

Address: 11490 Euclid Avenue

Date Close: 7/30/2010

Developer: MRN Ltd

TOTAL PROJECT COST: $45,247,400

New Markets Tax Credit Allocation: $6,265,000

CDA Loan: $1,500,000

Project Name: Uptown Website: http://www.uptowncleveland.com/ Neighborhood: University Circle

Uses:
  • Multi Family
  • Retail

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