One year after Mayor Frank G. Jackson announced plans for his $65 million Neighborhood Transformation Initiative (NTI) – a public-private partnership aimed at revitalizing neighborhoods where traditional development models have not worked – the City is announcing the first phase of the project. View images and supporting documents from the press conference.
The Finch Group will lead the development team. The company, along with City Architecture and Ozanne Construction, will develop a new mixed-use residential and commercial building in the Glenville neighborhood.
“This initiative is not only about the future of Glenville and other distressed neighborhoods,” said Mayor Frank G. Jackson. “It’s about the future of the City of Cleveland.”
Funding Neighborhood Revitalization
The City of Cleveland has leveraged $25 million in bond funds to build the $65 million NTI fund in partnership with major financial institutions, as well as philanthropic and non-profit organizations. Huntington Bank, PNC, KeyBank, Fifth Third Bank and Capital Impact Partners have worked with the City to establish funding. The NTI will provide developers access to capital via the creation of a development fund to invest in mixed-use and mixed-income developments.
Developing the Glenville Neighborhood
There are multiple phases to the project in Glenville. This phase will include the construction of a mixed-use building with residences and commercial spaces in the Glenville Neighborhood at East 105th Street and Ashbury Avenue. This development will offer more than 13,000 sq. ft. of first-floor retail, restaurant and co-working space. It will also include 63 mixed-income apartment units.
In addition to the Finch Group’s development, other highlights of Phase I in the Glenville neighborhood are planned for the near future:
- The Circle North neighborhood will also see the following residential developments within the next 2-3 years: 26 new single family infill homes. The City of Cleveland issued a Request For Proposals (RFP) March 16th to build new homes on vacant lots to sell at market rate.
- At least 40 senior residents will benefit from a new home repair program in 2018 providing more opportunity to age in place.
- Several vacant homes will be rehabilitated in 2018 throughout the neighborhood. Homebuyers of newly developed and rehabilitated homes will have opportunity to receive down payment assistance.
Future phases of the Neighborhood Transformation Initiative will be announced in other neighborhoods around Cleveland. The neighborhoods were identified based on a study by Cleveland State University commissioned by Mayor Jackson. Other neighborhoods targeted for future investment include West 25th-Clark-Fulton, Buckeye-Woodhill and the Opportunity Corridor: Kinsman-Woodland.