East 4th Street, blighted after years of disinvestment, was targeted for redevelopment into a premier Cleveland neighborhood – a place where people could live, work and play. CDA provided financing to assist in the acquisition of 15 properties to make this redevelopment effort possible. Today, the East 4th district has six high demand apartment buildings that are fully leased and over a dozen restaurants. Just minutes from the Gateway Complex, it is one of the most popular destinations in the city.
East 4th Street Neighborhood Development Project
Project Details
| Completed | 2006 |
|---|---|
| Location | E 4th Street; Downtown |
| Project Type | Mixed Use; Redevelopment |
| Program | 300 residential units; 9 commercial and entertainment venues |
| Sponsor | MRN Ltd |
| CDA Investment | $3.5 million loan from CDP II and CVHF; $2.4 million NMTC allocation from CNMIF |
| Total Project Costs | Over $100 million |
| Community Demographics | Poverty Rate: 36.4% Median Income: 116.5% Unemployment Rate: 17.8% |
Impact
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Diversity and Inclusion
The developer committed to construction participation goals for Minority, Female, and Cleveland Small Businesses (MBE/FBE/CSB) as well as minority, female, and City of Cleveland resident workers.
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Job Creation
The project has created hundreds of permanent jobs over the last decade.
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Accessible Public Transit
The project is located on the RTA Healthline, the bus route connection University Circle and Public Square.