West 25th Ohio City Project Aims to Revitalize Blighted Neighborhood
Enterprise Community Partners Ohio’s ongoing goal of revitalizing low-income communities has touched one of Cleveland’s most traveled intersections in an effort to preserve history, foster community and ultimately end housing insecurity.
Enterprise Community Loan Fund recently underwrote an $8.2 million bridge loan for a $60 million mixed-use project in Cleveland’s Ohio City neighborhood. It also made a $1.1 million acquisition loan slated to include affordable housing as part of the second phase of development, and bringing the total investment to $9.3 million.
Transforming Blight to Positive Impact
The nearly three-square city block transformative project is located at the corner of West 25th Street and Detroit Avenue in Cleveland, a historically abandoned and blighted corridor less than one mile from Cleveland’s central business district.
Residents in the surrounding community face a variety of challenges, including a lack of access to goods and services such as early education and healthy foods, high unemployment, and poor accessibility to and connectivity with other communities.
More than 37 percent of residents live below the poverty level, and unemployment is greater than 1.5 times the national average.
The project, financed in part with New Market Tax Credits, will positively impact the residents of the neighborhood through the addition of a mixed-use, sustainably-designed, transit-oriented, socially responsible development that integrates several community plan initiatives to address these challenges.
- Approximately 50,000 square feet of commercial space, transportation, streetscape, parking and community park improvements for the betterment of the neighborhood.
- Plans to construct a 194-unit apartment building with studio, one- and two-bedroom apartments that will range from 500 to 1,100 square feet. Residents will have access to a rooftop deck with a swimming pool on the Lake Erie side of the building, a fire pit, grilling stations, a lounge, a dog-grooming station and indoor parking.
- The Music Settlement, a nonprofit focused on high-quality, early-childhood education, music education and music therapy, has committed to anchoring the project with a 19,000-square-foot school on the first floor of the apartment building.
- The Grocery, a local boutique grocery store specializing in locally sourced and fresh foods, will occupy 1,000 square feet. Other commercial tenants will round out the new construction portion of the project, scheduled to open in spring 2018.
- Sprucing up the ground floor and basement of two historic commercial buildings on the south side will be a 10,000-square-foot co-working office space to cultivate an entrepreneurial culture in the neighborhood by providing low-cost access to office facilities and business resources.
- Massimo da Milano, a restaurant that anchors the corner, will remain open. A complement of neighborhood restaurants and retailers will occupy the approximately 20,000 square-foot balance of commercial space.
- Finally, the project features partnerships with local community development organizations Ohio City, Inc. and Detroit Shoreway Community Development Organization, and will include approx. 38 affordable apartments on the upper floors of the existing building.
We are so proud to be involved in this project, and we anticipate that it will have tremendous impact on the community. Since 2011, Enterprise Ohio has invested over $31 million in Cleveland real estate projects.