$28 million investment package, the largest in CDA History, secures the remaining funds for West Side Market’s $53 million first stage of construction.
CLEVELAND — April 15, 2025 — Cleveland Development Advisors (CDA) and Cleveland Public Market Corporation closed on a $28 million investment package on behalf of West Side Market’s transformation project. The package, the largest ever issued by CDA, secures the remaining necessary funding for the Market to proceed with the $53 million first stage of the project. This package includes a combination of New Market Tax Credits, Historic Tax Credits, and funding through the Community Development Financial Institution (CDFI) Healthy Food Financing Initiative.
PNC Bank, National Association is the NMTC investor with PPG Industries, Inc. serving as the historic tax credit equity investor. The remaining phase one financing comes from a coalition of government, corporate, and foundation partners, including $23 million from the City of Cleveland.
“We are incredibly grateful and thrilled that the Market is receiving the largest investment financing package that CDA has made,” said Rosemary Mudry, executive director of Cleveland Public Market Corporation (CPMC), the nonprofit that operates West Side Market. “Working with our government, corporate, investment, and philanthropic partners, we have been able to leverage a complex set of funding tools to take our first steps in bringing this ambitious vision to life. It’s a testament to the time, energy, and passion that so many in this community want to invest in the Market and its future.”
Yvette Ittu, President and CEO of CDA said: “This is more than a financing deal: It’s a statement of purpose. The West Side Market is one of the few places where Cleveland’s history, culture, neighborhoods and economy come together. Our largest investment to date is in a public market that nourishes our people, supports small businesses and connects communities. That’s the kind of future we’re proud to build.”
“There is no West Side Market project without New Markets Tax Credits,” said Cleveland Mayor Justin Bibb. “These credits unlock investment in communities that traditional markets have long overlooked. They don’t just help projects happen — they help communities rise.”
CDA’s commitment includes managing $28 million in financing to fund the first phase of the project, structured through a powerful mix of tools:
- $20 million state & federal New Market Tax Credits (NMTC) allocation
- $6 million loan to bridge Historic Tax Credit equity
- $2 million loan through the Community Development Financial Institution (CDFI) Healthy Food Financing Initiative
New Market Tax Credits incentivize community development and economic growth through- the-use-of tax credits that permit individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in Community Development Entities such as CDA. The credits are designed to attract private investment to distressed communities.
Quiet Impact
CDA supports developers, businesses and community groups in Cleveland and Northeast Ohio by providing financing, technical expertise and specialized tools to advance projects. CDA has helped re-energize long-depressed intersections, corridors and vacant lots.
Cleveland Mayor Justin Bibb called CDA an “unsung city-builder,” praising its quiet but powerful role in shaping the city’s growth.
“For decades, Cleveland Development Advisors has been behind the scenes, quietly becoming one of the region’s most influential forces for good — fueling downtown and neighborhood revitalization by financing projects others couldn’t,” said Mayor Bibb. “CDA’s work often goes unnoticed, but its impact is everywhere — from transforming vacant corridors to unlocking opportunity in overlooked communities.”
“Through tools like New Markets Tax Credits, CDA makes complex projects possible and catalyzes investment where it’s needed most,” Mayor Bibb continued. “Its latest investment in the West Side Market is a reminder that the most meaningful progress isn’t always loud, but it should be recognized.”
Council President Blaine A. Griffin added: “CDA is showing us what 21st-century development leadership looks like,” added Blaine A. Griffin, Cleveland City Council President. “This isn’t just about bricks and mortar. It’s about using smart financing — utilizing CDFI financing tools — to help Cleveland’s economy grow from the neighborhood up. This is a valuable complement to the $23 million investment in the market that was approved by Council through city funding. CDA is expanding on that and bringing investment to places that have too often been left behind.”
Mudry added: “We’re also grateful for the many others—whose contributions are making this possible. It’s truly a coalition of quiet champions. CDA stepped in at the most critical moment – with urgency, creativity and a deep understanding of what the Market means to Cleveland.”
Building an Exciting Future for an Iconic Landmark
The first stage of the Market’s transformation project will renovate the East Arcade, which will be home to the Market’s produce vendors and feature improved, modern systems including the addition of HVAC and direct access to basement cooler storage from the Arcade. In addition, the $53 million first stage will overhaul critical infrastructure of the whole Market, including the installation of modern food storage coolers, expanded cleaning and cutting stations, and the addition of an onsite commercial kitchen. These first updates will enhance both the merchant and customer experience at the Market.
Later phases will reimagine the North Arcade and Courtyard into a welcoming public destination with new dining spaces, event venues, food stalls, bars and restaurant incubators. Unused spaces in the main Market Hall building will also be transformed into seating, private event, and educational areas.
The entire project is expected to retain 250 jobs, create 144 new accessible, quality jobs, and support over 425 construction jobs.
“A community asset like the Market needs broad community support,” said David Abbott, CPMC board president. “We are extremely grateful for the public, corporate and philanthropic investment we have received so far, and we are eager to enlist an even wider array of backers so we can finish this important job.”
“West Side Market is the soul of Cleveland,” said Ittu. “It’s where we see the best of who we are—immigrants and entrepreneurs, families and food lovers, neighbors and newcomers. And with this investment, it will continue to thrive for the next 100 years.”
ABOUT WEST SIDE MARKET
West Side Market is Cleveland’s largest and oldest public Market. Operating since 1912, the Market welcomes nearly 1 million visitors annually and serves as a food hub and anchor of Cleveland’s Ohio City Neighborhood. The Market is both one of Cleveland’s most visited tourist
attractions and a source of fresh food for moderate to low-income residents. More than 25% of the Market’s visitors qualify for SNAP/EBT. West Side Market is owned by the City of Cleveland and operated by the nonprofit Cleveland Public Market Corporation.
ABOUT WEST SIDE MARKET’S TRANSFORMATION PROJECT
The masterplan is the vision for the Market’s future. It includes $68 million dollars in capital renovations that will improve daily operations and create opportunities for community building and revenue generation as the groundwork for the West Side Market’s next 100 years. The masterplan’s four main goals include:
- Restoring infrastructure and operating systems, including a complete basement renovation
- Expanding the Market’s community impact with neighborhood food access, education, and entrepreneurship programs
- Enhancing the Market experience by reimagining underused spaces, including:
- New prepared food hall in the North Arcade
- Landscaped courtyard with seating
- Event space in the East Mezzanine
- Teaching kitchen
- Commercial kitchen
- Implementing a sustainable operating model through development of new revenue sources
The full plan can be viewed at westsidemarket.org.
ABOUT CLEVELAND DEVELOPMENT ADVISORS
The mission of CDA, an affiliate of the Greater Cleveland Partnership, is to promote inclusive and thriving neighborhoods in Northeast Ohio by providing innovative financing solutions and technical assistance to catalytic real estate and business development projects.
This West Side Market investment is the largest in CDA’s history—surpassing even its foundational work on the Gateway sports complex—and reflects its evolving role in Cleveland’s development. While much of CDA’s legacy was built in the urban core—supporting catalytic projects like Playhouse Square and the Gateway complex—its evolution has mirrored Cleveland’s shifting needs. In recent years, CDA has increasingly focused on equitable, place- based development in neighborhoods, helping bring stalled or overlooked plans to life.