The Finch Group is proceeding with the second phase of the Innova project. The investment will add 70 apartment units (65 efficiencies and 5 one-bedrooms) and 7,700 SF of retail space. The initial phase, 177 apartment units and 23,000 square feet of retail, was completed in 2015. CDA provided $3 million of financing for the first phase.
Project Partners: Huntington National Bank
| Completed | 2018 |
|---|---|
| Location | Chester Avenue and E 97th Street, Hough neighborhood |
| Project Type | Mixed use; New construction |
| Program | 70 apartments; 7,700 SF retail |
| Sponsor | The Finch Group |
| CDA Investment | $1.5 million loan from ACDF |
| Total Project Costs | $26 million |
| Community Demographics | Poverty Rate: 34% Median Income: 42% Unemployment Rate: |
The project sponsor 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.
The project sponsor has committed to quantifiable community impacts by executing a Community Benefits Agreement.
The project will serve as a catalyst for additional development in the Hough neighborhood, one of the most impoverished census tracts in the City of Cleveland.
The project is located on several major bus routes.
