The Residential Project involves the construction of 194-units of market rate apartments.  The unit sizes will range from 500-1,100 square feet and include 30 studios, 120 one-bedrooms, and 44 two-bedrooms.  This investment promotes the public welfare by executing a development opportunity identified in the Connecting Cleveland 2020 Citywide plan for this site, specifically to develop mixed-use residential and retail/office on this site. 

Project Partners:  First Merchants Bank; Somerset Trust Company

Project Details

Completed Under Construction; 2021 Completion
Location 75 Public Square, Downtown
Project Type Mixed Use; HIstoric Renovation
Program 114 apartments and 4,300 SF of Commercial Reas Estate
Sponsor Millennia Companies
CDA Investment $3 million loan
Total Project Costs $43 million
Community Demographics Poverty Rate: 31.05%
Median Income: 103.81%
Unemployment Rate: 6.80%

Impact

  • Diversity and Inclusion

    The project sponsor committed to construction participation goals for Minority, Female, and Cleveland Small Business (MBE/FBE/CSB) as well as minority, female and City of Cleveland residents.

  • Environmentally Sustainable Outcomes

    The new construction is following the Enterprise Green Communities guidelines.

  • Executed Community Benefits Agreement

    The project sponsor has committed to quantifiable community impacts by executing a Community Benefits Agreement.