The Midtown Collaboration Center (MCC) – An additional Cleveland Foundation project positioned to bridge downtown Cleveland with University Circle – recently closed on construction financing. Cleveland Development Advisors (CDA) provided a $10 million New Markets Tax Credit (NMTC) allocation. The Midtown Collaboration Center brings together under one roof a number of different, but complementary anchor partners, to serve as an integrated economic development system offering financing support, business development, community programming and workforce development by connecting residents to resources, training and technology.
CDA utilized part of the $35 million NMTC Award it received in 2022 from the U.S. Department of the Treasury Community Development Financial Institutions Fund. NMTCs were created by the federal government to attract private investment for catalytic projects that create positive economic impacts in low-income communities, such as workforce development, quality employment, and neighborhood revitalization. Over the history of the NMTC Program, CDA, an affiliate of the Greater Cleveland Partnership, has been awarded a total of $300 million in NMTC allocation. Yvette Ittu, President and CEO of CDA, said “Multiple institutions are bringing new programs to this facility that will create jobs, focus on community and position this district as the place in the region to collaborate. We are very pleased to have been able to provide the NMTC allocation to support this highly impactful project.”
The anticipated tenant mix of the center includes:
· CWRU’s New Center for Population Health Research
· UH’s New Diabetes Research and Wellness Center
· CIA’s New Interactive Media Lab
· Hyland Software Training Center aimed at students from grades 7-12 to learn coding at a young age
· JumpStart’s new offices
· Innovation Hall managed by Jumpstart (first floor public programming for the community)
· ECDI-SBA Lending Center and Women’s Resource Center, which helps underbanked people and communities
· Cleveland’s first black-owned brewery, Black Frog
· Pearl’s Kitchen food venue
· Community-led music venue.
The 95,000-square-foot project builds upon the momentum of the adjacent Cleveland Foundation
“The Cleveland Foundation’s new headquarters and the MidTown Collaboration Center will bring new investment, activity and resources to the corner of E. 66th Street and Euclid Avenue,” said Ronn Richard, President and CEO of the Cleveland Foundation. “With these buildings, the foundation and our partners are opening our doors in the heart of Cleveland’s neighborhoods. We hope this area will be a hub for collaboration, innovation and creativity that benefits our entire community.”
The building, located at 1697 East 66th Street, is projected to house over 200 direct full-time jobs.
The project will break ground on May 18, 2023, and has a late 2024 completion.