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

Real Estate Investment Funds

Investment for CDA projects is driven through four funds: the Cleveland Development Partnership, the Cleveland Civic Vision Housing Fund the Cleveland New Markets Investment Fund and the newly formed Cleveland New Markets Investment Fund II. These unique private-sector financial vehicles have become models in the national economic development arena.

Cleveland New Markets Investment Fund II

In 2007, Cleveland Development Advisors was awarded an additional $25 million allocation of New Markets Tax Credits through the United States Department of Treasury, Community Development Financial Institutions (CDFI) Fund. The goal for the fund is to catalyze Cleveland’s major strengths: world-renowned medical facilities, institutions of higher education, arts and culture and the vibrant and engaging business community. To date CNMIF II has invested $8.5 million of its allocation in two important 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 216 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.

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.

Cleveland New Markets Investment Fund

The Cleveland New Markets Investment Fund (CNMIF), a $15 million first round allocation recipient, was created in 2004 to stimulate economic growth and development in greater Cleveland. The fund provides financing for real estate projects that act as catalysts in promoting business expansion and attraction, job retention and growth, and the creation of significant retail establishments. This allocation is fully-committed and to date has financed twelve (12) projects which have created/retained over 1,500 jobs, leveraging an additional $182 million in financing from other sources. All twelve investments have been in census tracts that qualify as particularly economically-distressed areas.

Cleveland Civic Vision Housing Fund

In response to the demand for additional capital to support both for-sale and rental housing development in downtown Cleveland and adjacent neighborhoods, the Cleveland Civic Vision Housing Fund (CVHF) was established in 2000. The fund has invested in numerous housing projects along East 4th Street, the Warehouse District, and, most recently, $1.5 million in Park Lane Villa in University Circle as well as the $1.5 million in the adaptive reuse of 668 Euclid Avenue.

Cleveland Development Partnership Fund

Established in 1989, Cleveland Development Partnership (CDP) aims to establish Cleveland as a major destination while at the same time building and strengthening neighborhoods and creating opportunity for Clevelanders. Major investments have included Gateway, the Rock and Roll Hall of Fame, Cleveland Browns Stadium, numerous Warehouse District housing projects and the East 4th Street Neighborhood. Currently, CDP is involved in major physical development projects like the $520 million Flats East Bank neighborhood.