In 2007 First Interstate properties transformed an abandoned steel mill into a regional shopping center with the creation of Steelyard Commons.  Phase II(a) will build on the success of the first phase and will incorporate Burlington Coat Factory (70,000 SF) as well as other complementary retail units.

www.steelyardcommons.com

Project Partners: City of Cleveland; JP Morgan Chase

Project Details

Completed 2014
Location 3447 Steelyard Drive; Tremont Neighborhood
Project Type Retail; New Construction
Program 90,000 SF retail
Sponsor First Interstate Properties, Ltd.
CDA Investment $6 million NMTC allocation from CNMIF II
Total Project Costs $18.2 million
Community Demographics Poverty Rate: 39.9%
Median Income: 46.5%
Unemployment Rate: 14%

Impact

  • 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.

  • Goods or Services to Low Income Community

    Steelyard Commons has turned a once abandoned steel mill into a premier regional power center bringing food, clothing, and houseware retail options to the low income community.

  • Job Creation

    The project is anticipated to create 90 prevailing wage construction jobs. Upon completion, 140 full time or full time equivalent permanent jobs will be located at the project site. Phase I has already created over 1,100 jobs - 82% of which are filled by City of Cleveland residents.

  • Accessible Public Transit

    The Greater Cleveland Rapid Transit Authority (RTA) has increased weekday service to link Cleveland neighborhoods to Steelyard Commons as a destination for shopping and employment.