The TREO project will redevelop a blighted site and pull the positive momentum of Ohio City and Tremont south toward Clark-Fulton, serving as a catalyst for further development along the strategic W. 25th Street corridor.
Project Partners: Erie Bank, City of Cleveland
| Completed | Under Construction; 2022 Completion |
|---|---|
| Location | 2461 West 25th Street; Tremont |
| Project Type | Mixed-Use; New Construction |
| Program | 171 apartment units, 3,160 square feet of first floor commercial space, and supporting parking |
| Sponsor | MAVREK Development Inc. and Schiff Capital Group |
| CDA Investment | $3.05 million |
| Total Project Costs | $38.5 million |
| Community Demographics | Poverty Rate: 62.1% Median Income: 33.17% Unemployment Rate: 27.2% |
The sponsor has committed that 20% of the units will be restricted as workforce housing at or below 100% Average Median Income.
The project is expected to create 12 FTE jobs.
The project is consistent with the Reaching Lincoln Heights plan; most notably being the first project to contribute to the Developers Fund, an account to be managed by Tremont West Development Corporation (TWDC) for community improvement. In addition, this project will bring new residents and commercial activity to the blighted intersection of Swift Avenue and West 25th Street.
The project sponsor committed to construction participation goals for Minority, Female, and Cleveland Small Business (MBE/FBE/CSB) as well as minority, female and City of Cleveland residents.
The project sponsor has committed to quantifiable community impacts by executing a Community Benefits Agreement.
The sponsor is pursuing City of Cleveland Green Building Standards, silver.
