TREO Coming to W25th in Lincoln Heights area of Tremont
Cleveland Development Advisors, an affiliate of Greater Cleveland Partnership, closed on a $3.05 million loan from its Advance Cleveland Development Fund to support the redevelopment of the former dilapidated SASS Auto property into 171 residential apartment units and over 3,100 SF of first floor commercial space over structured parking. Chicago-based MAVREK Development Inc. and Columbus-based Schiff Capital Group are partnering on the $38.5 million that will continue the southerly momentum of Ohio City and Tremont towards the Clark-Fulton neighborhood and is the first to contribute to the newly created Reaching Lincoln Heights Development Fund, which will be used to support neighborhood improvements and could serve as a model for other hyper-local improvements made in part through fees charged to developers. The project also provides increasing density along the W25th street transit corridor located a short walk from West 25th and Lorain, a busy bus hub and Red Line station. This will be the first Cleveland development for MAVREK, whose principals originally hail from Cleveland.