Cleveland Development Advisors provides boost to CIA’s new media lab  

CLEVELAND, March 15, 2024 — Cleveland Development Advisors (CDA) has closed on $8 million in Federal and Ohio New Markets Tax Credit (NMTC) allocations for the Cleveland Institute of Art’s $12.7 million state-of-the-art Interactive Media Lab. The lab — to be located at the Midtown Collaboration Center — will offer training in virtual reality, augmented reality and game design as well as an XR film studio. 

The lab’s studio will be used by students, businesses, and community residents and serve as a hub for artist- and designer-driven content, discourse and development. It will be a local and regional driver for youth to explore careers in related fields. The Interactive Media Lab is targeted to open in January 2025. 

CIA offers 13 majors in fine arts, design, craft and entertainment arts. It has about 600 students from across the country and the world. 

The project is receiving a $7 million federal NMTC allocation and $1 million in Ohio NMTC. NMTCs, recognized as a useful tool for community development, offer tax incentives to investors supporting projects located in low-income communities. 

“We are honored to help with this lab of the future and are excited to see what students and entrepreneurs produce there,” said Yvette Ittu, President & CEO of CDA. 

In 2023, CDA also provided $10 million of federal NMTC allocation to The Cleveland Foundation for construction of the 95,000 SF Midtown Collaboration Center (MCC), located next to its new headquarters. These two buildings represent the first of eight proposed structures in this 12-acre civic district. MCC is designed to be a catalyst for economic development and community betterment by promoting tenants offering training and education to foster job creation, entrepreneur opportunities and health wellness.