Sep 17


FOR IMMEDIATE RELEASE

Contact: Jenice Contreras, Executive Director

216.281.4422 I JContreras@hbcenter.org 

Cleveland, OH - “The Northeast Ohio Hispanic Center for Economic Development (NEOHCED), with financing provided by Cleveland Development Advisors (CDA), the real estate investment affiliate of the Greater Cleveland Partnership, and with a social impact investment from the Cleveland Foundation, recently closed on a $939,000 acquisition of the former HJ Weber Building (3140 W 25th St, Cleveland, OH 44109).” The development team led by NEOHCED and Detroit-Shoreway Community Development Organization (DSCDO) are finalizing predevelopment activities to turn the onetime garment factory and light manufacturing plant into an adaptive reuse commercial + office building aimed at driving economic and community development efforts in La Villa Hispana.

What began as El Mercado @ La Villa Hispana has become CENTROVILLA25 (CV25): a unique neighborhood gathering place at the intersection of Culture, Community + Commerce. However, El Mercado remains the soul of the project. 

  • The Market Floor (28,953 SF) will feature 20+ vendor kiosks for neighborhood-based lifestyle (food + retail) microentrepreneurs; three (3) storefront retail units and a new anchor restaurant; year-round community programming space (La Plaza + La Galleria); and a commercial launch kitchen
  • The two floors above El Mercado (approx. 20,000SF) will become the home base for Hispanic Business Center (HBC), neighborhood-serving organizations (such as Hispanic Alliance + MetroWest CDC), startups incubated in Las Tienditas del Mercado (e.g. Ortiz Graphics), and multilingual service providers.

As noted in a recent economic impact study (Cleveland State University, 2018), the construction and operations of CENTRO VILLA 25 is expected to generate:

  • 56 annual employment opportunities in Cuyahoga County during the Construction Phase (2019-2020)
  • 146 annual employment opportunities in Cuyahoga County over the first five years of Operations (2020-2026)
  • $144 million in cumulative economic output across Ohio (2019-2026)

NEOHCED is finalizing phased development concept scenarios to optimize development costs and maximize neighborhood economic impact. The project has secured 30+ LOI’s from prospective tenants (to-date). In addition to NEOHCED (Project Owner), the CV25 Development Team includes:

  • Detroit-Shoreway Community Development Organization (Co-Developer + Construction Lead)
  • Artessa Building Group (Construction Manager) + City Architecture (Lead Architect)
  • Baker Hostetler (Legal)
  • Novogradac (Accounting)
  • Notably, CDA has engaged Berusch Development Partners to provide real estate development advisory services to NEOHCED in support of Centro Villa 25.

Reigniting La Villa Hispana (LVH) outreach + engagement

CENTROVILLA 25 is envisioned as the physical embodiment of LVH. The project is being designed for community use and is inspired by the distinct rhythms of our multicultural neighborhood. While the work of bringing one piece of the puzzle to life is well underway, NEOHCED + community partners invite our neighbors and all CV25 Champions to contribute their time, talent + resources to sustain the momentum of both transformative ideas. Here are a few ways to get involved: 

  • LVH + CV25 Visioning Sessions
  • Ward 14 Meetings
  • LVH Merchant Group Participation  
  • LVH Resident Planning Council
  • Clark-Fulton Neighborhood Master Plan

For more information on CentroVilla25, call (216)281-4422 or via email at info@hbcenter.org