CCCIC Recommends $4.3 Million in Development Loans With 80 Jobs Committed
Mary Louise Madigan, (216) 698-2521; email@example.com
– Today, the Cuyahoga County Community Improvement Corporation (CCCIC) reviewed and recommended for approval by the County’s legislative bodies $4.3 million in Economic Development Loans. Cuyahoga County Executive Armond Budish will now submit the loan proposals to the Cuyahoga County Board of Control and the Cuyahoga County Council in order to create jobs and to rehabilitate blighted property.
MO Professional Building, LLC is requesting funding for the redevelopment of the Heritage Building in Parma Heights, Ohio. The total loan amount from the County will be $300,000. MO Professional Building, LLC will house Doc’s Medical Repair Shop/IMS Medical Supply. These companies, which are involved in the selling and high-quality refurbishment of medical equipment, will occupy 5,000 square feet of space in the redeveloped building. MO Professional Building, LLC has committed to creating 20 new jobs. The total project/investment is estimated at $935,000.
The Cleveland Euclid Hotel Associates, LLC is requesting funding for an adaptive mixed‐use, historic building redevelopment. The project involves restoring the Cleveland Athletic Club complex. The 15 story, 253,000 square foot building has been vacant since 2008 and is on the national register of historic places. The redevelopment ultimately will provide 161 units of 1, 2, and 3‐bedroom apartments, approximately 8,000 square feet of Euclid‐Avenue‐facing first floor retail space, and another 8,000 square feet of commercial space on the 7th floor as well as 40 basement parking spots. The remaining facilities would include a 20‐meter pool, running track, and fitness center with locker rooms and showers. The total loan amount from the County will be $2 million. The project will ultimately create 20‐25 jobs in total as a result of the redevelopment project. These positions will be dedicated to maintaining the property, serving tenants, and staffing the businesses that rent commercial space in the finished project. The project will also be occupied by Great Lakes Financial (GLF) offices, bringing its 50 jobs to the project as well.
The Project 29 Partners, LLC is requesting funding to develop and construct the Church & State project. This will be a major mixed‐use project at the intersection of West 29th Street and Detroit Avenue. The total loan amount from the County will be $2 million. The development will consist of 2 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.
“The Cuyahoga County Department of Development is pleased to have presented these three catalytic projects to the CCCIC, and gotten their approval to advance to County Council,” said Ted Carter, Cuyahoga County Chief Economic Development & Business Officer. “Chairman Jeff Bechtel and CCCIC members did an excellent job of evaluating the merits of each project from an underwriting standpoint, working with the Economic Development Team, who presented the job creation and capital investment benefits of each. We look forward to presenting these projects formally to the Cuyahoga County Economic Development Committee for consideration and approval. Each project will serve as a development catalyst for the area of the County in which they are located.”