$2 Million Loan Recommended to Cuyahoga County Council for Project 29 Partners, LLC
John O'Brien, email@example.com
CUYAHOGA COUNTY, OH – Cuyahoga County has recommended an Economic Development Loan to Project 29 Partners, LLC in the amount of $2 million to assist with the construction of a mixed-use project located at the Intersection of West 29th Street and Detroit Avenue in Cleveland. The development will consist of two mixed‐use buildings featuring 158 residential units, with 20,000 square feet of ground floor retail, parking, bike-storage space, and quality public space. The project will create 40 new retail jobs and will provide housing options for new residents to the Ohio City Neighborhood of Cleveland. The total costs for the project are $56.9 million.
“We remain committed to targeting investments, such as Project 29 Partners, LLC, to create jobs and spur community development,” said Cuyahoga County Executive Armond Budish. “The Project 29 Partners, LLC venture will do this by creating new business development and providing housing and quality public space for our residents.”
The Project 29 Partners, LLC project is an example of place-based economic development. Place-based economic development is a strategy that uses public amenities to aid the economic progress of the area surrounding the project. Communities that use place-based strategies have benefits which extend beyond the business community.
The benefits of using a place-based strategy include improvements in human development. For example, creating opportunities in transit-accessible urban areas brings jobs closer and makes them more accessible to communities in need of employment. Cuyahoga County Council has approved funding for place-based economic development projects in the past, including for adaptive reuse of the Variety Theatre in Cleveland’s Westown neighborhood and the Cleveland Athletic Club and the Beacon project at 515 Euclid Ave., both in downtown Cleveland.