Cleveland Development Advisors, the real estate and business finance affiliate of the Greater Cleveland Partnership closed financing on the $76 Million Euclid Grand development, (formerly the John Hartness Brown Complex at 1001-1101 Euclid Ave) on Thursday, September 27. The project, which sits just east of E. 9th street, will create an additional 222 multifamily apartment units and 21,206 square feet of ground level commercial space. “This is project represents one of the last major projects along the Euclid Corridor from Public Square to Playhouse Square,” said Yvette Ittu, President of Cleveland Development Advisors. “It is exciting to see the downtown neighborhood develop and grow into a mature and thriving community. Watching the final gaps getting filled in validates our early investments and provides some of the units needed to fill continued demand for downtown housing.”
In addition to the funds from CDA, the project sponsor, ALTO Partners, received financing from The Port Authority, ULICO, and a bridge loan from Octagon Finance, all of which was supplemented with both Federal and State Historic Tax Credits. The project is targeting a May 2020 completion date.
This announcement comes on the heels of Downtown Cleveland Alliance’s release of a housing demand study from Philadelphia, PA based Urban Partners the day prior. The study, initiated by GCP and CDA along with partners Downtown Cleveland Alliance, Cleveland Neighborhood Progress and Enterprise, looked at center-city housing trends in cities across the United States suggests the Downtown Cleveland neighborhood has room to absorb an additional 6,800 housing units and nearly 13,000 new residents over the next 10 years despite the rapid development that has seen the current downtown population rise to an estimated 17,500, a huge increase from 8,900 in 2010.