Historic rehab; Mixed-use with charter school and nonprofit office space
The adaptive reuse of the east wing of the former St. Luke’s Hospital building will bring a first-class community amenity to the Buckeye neighborhood in Cleveland. The renovated east wing will house The Intergenerational School (TIS), a top-performing charter school, the Boys & Girls Club of Cleveland, and the central offices of four more local nonprofits. It is the third and final phase of the hospital renovation. The first two phases created 137 units of senior housing, financed with Enterprise Low-Income Housing Tax Credit investments.
The anchor tenant, TIS, is consistently one of the highest ranked charter schools in Ohio. It has a unique curriculum of collaborative learning between students and adult mentors, making co-location with senior housing especially attractive. TIS and the Boys & Girls Club will serve primarily minority students in the immediate neighborhood and across greater Cleveland. The east wing will obtain LEED Silver certification.
Enterprise provided $11 million in New Markets Tax Credit allocation. Cleveland Development Advisors provided an additional $5 million in allocation, and Chase was the NMTC equity investor for the full $16 million. The project also used federal and state historic tax credits and over $8 million in soft grants and loans. Enterprise Community Loan Fund provided bridge financing for the historic tax credits. The poverty rate of the immediate census tract is greater than 50 percent; 98 percent of residents are minority and predominantly African American. This project builds on other investments by the sponsor and the City of Cleveland, including the construction of a new neighborhood public school and library.
The former St. Luke’s Hospital has been a major blight in the surrounding community since the hospital’s closing in 1999. The third phase of the hospital renovation will complete the revitalization of this highly visible site, while bringing community services to a low-income neighborhood. The charter school will serve approximately 250 students in grades K-8. The Boys and Girls Club will provide after-school programming for 125 students at TIS and in the neighborhood. The project will create or retain approximately 70 permanent jobs and create 155 construction jobs.
New Village Corporation (NVC) is the real estate development arm of Neighborhood Progress Inc. (NPI), a nationally recognized community development intermediary based in Cleveland. NVC and its parent NPI work in partnership with community development corporations (CDCs) to revitalize Cleveland’s neighborhoods. NVC takes on community-oriented real estate projects that are either too large or too risky for CDCs or private developers acting alone. Since its founding in 1991, NVC has developed approximately 400,000 square feet of commercial space, such as grocery stores and shopping centers, and 588 residential units.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $2.4 trillion and operations in more than 60 countries. Chase serves more than 50 million consumers and small businesses through more than 5,500 bank branches, 17,500 ATMs, credit cards mortgage offices, and online and mobile banking. More information about Chase is available at www.chase.com.