CentroVilla25
CentroVilla25 is an adaptive reuse of a vacant building to include 22 micro retail spaces, commercial kitchen, business innovation center and office space for Latino and neighborhood-serving organizations. This project is part of the larger La Villa Hispana initiative underway in the Clark-Fulton neighborhood, with the mission to become the cultural and economic center of Cleveland’s Latino community by focusing on arts and culture, community engagement, and economic development.
Cleveland Development Advisors closed on financing for CentroVilla25, providing $10.5 million of federal new markets tax credits (NMTC) allocation, $1 million of state NMTCs, and $612,891 capital campaign bridge loan.CDA previously provided a $500,000 acquisition loan to the Hispanic Business Center to acquire the vacant 32,500 square foot warehouse in March 2019, along with an additional $470,000 predevelopment loan.
Neighborhood Revitalization
. This project is part of the larger La Villa Hispana initiative underway in the Clark-Fulton neighborhood, with the mission to become the cultural and economic center of Cleveland’s Latino community by focusing on arts and culture, community engagement, and economic development
Executed Community Benefits Agreement
The project sponsor has committed to quantifiable community impacts by executing a Community Benefits Agreement.
Mission Possible: CentroVilla25 is becoming a reality for Cleveland's Latino community
Hola Island Co. grows marinade and empanadilla production, plans to join CentroVilla25 and Yellowcake marketplaces
