September 21, 2018 Financing for the Glenville Circle North development, the first project in the City of Cleveland’s Neighborhood Transformation Initiative (NTI), closed. Cleveland Development Advisors, an affiliate of the Greater Cleveland Partnership, provided a $10 million New Markets Tax Credit (NMTC) allocation.
Financing for the Glenville Circle North development, the first project in the City of Cleveland’s Neighborhood Transformation Initiative (NTI), closed on Friday September 21. Cleveland Development Advisors, an affiliate of the Greater Cleveland Partnership, provided a $10M New Markets Tax Credit (NMTC) allocation. As the name suggests, the project is located just north of University Circle along the E. 105th corridor which serves as the backbone of Glenville. “Ensuring the wealth and prosperity building in University Circle expands into surrounding neighborhoods is critical for Cleveland’s economic future,” said Yvette Ittu, President of Cleveland Development Advisors. “CDA supported this project because of its potential benefits to Glenville and because we share in the Mayor’s focus on neighborhoods and creating quality jobs and wealth building opportunities.”
The project will provide 63 units of market rate and affordable housing, a restaurant incubator kitchen / restaurant and an accelerator space providing entrepreneurship and startup programming for all ages. The Cleveland Citywide Development Corporation is providing funds for the kitchen/restaurant space and driving the entrepreneurship focus of the project. The co-working and commercial spaces will be home to multigenerational programming to drive business development and wealth building in the community. Additionally, the project is seeking LEED Silver certification and will include key elements of the NEORSD stormwater management plan including water permeable pavers, bioswales and on-site retention systems.
The $16M project is being developed by the Finch Group, an active participant in Cleveland’s redevelopment for many years. Founder and Chairman, Wes Finch, is honored to partake in the first of the NTI projects. “The success of University Circle has been great for Cleveland, but this project is part of the next wave, already underway, to pull the investment and opportunities into surrounding neighborhoods, engaging residents and creating jobs,” he said. “When the city approached us about their plans, partners and desired programming for the commercial spaces, it was obvious we needed to get this project across the line.”