In 2007 First Interstate properties transformed an abandoned steel mill into a regional shopping center with the creation of Steelyard Commons. Phase II(a) will build on the success of the first phase and will incorporate Burlington Coat Factory (70,000 SF) as well as other complementary retail units.
Project Partners: City of Cleveland; JP Morgan Chase
| Completed | 2014 |
|---|---|
| Location | 3447 Steelyard Drive; Tremont Neighborhood |
| Project Type | Retail; New Construction |
| Program | 90,000 SF retail |
| Sponsor | First Interstate Properties, Ltd. |
| CDA Investment | $6 million NMTC allocation from CNMIF II |
| Total Project Costs | $18.2 million |
| Community Demographics | Poverty Rate: 39.9% Median Income: 46.5% Unemployment Rate: 14% |
The developer committed to participation goals for Minority, Female and Cleveland Small Businesses (MBE/FBE/CSB) as well as minority, female, and City of Cleveland resident workers.
Steelyard Commons has turned a once abandoned steel mill into a premier regional power center bringing food, clothing, and houseware retail options to the low income community.
The project is anticipated to create 90 prevailing wage construction jobs. Upon completion, 140 full time or full time equivalent permanent jobs will be located at the project site. Phase I has already created over 1,100 jobs - 82% of which are filled by City of Cleveland residents.
The Greater Cleveland Rapid Transit Authority (RTA) has increased weekday service to link Cleveland neighborhoods to Steelyard Commons as a destination for shopping and employment.
September 30, 2013 Developer Mitchell Schneider expects to start construction next month on the long-stalled second phase of Steelyard Commons, a large shopping center in Cleveland's industrial valley
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