West Side Market secures $28M for major renovation
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A Cleveland institution. File photo: Sam Allard/Axios
The Cleveland Public Market Corp., the nonprofit that operates the West Side Market, has secured $28 million to close a financing gap in the institution's long-awaited transformation.
Why it matters: Construction can now begin on the first phase of a master plan that is estimated to cost $68 million.
By the numbers: The $28 million package is the largest financing deal ever closed by Cleveland Development Advisors, established in 1989 as an affiliate of the Greater Cleveland Partnership to help developers and small businesses with financing and technical expertise.
What they're saying: "This is more than a financing deal: It's a statement of purpose," said CDA president and CEO Yvette Ittu in a statement.
- "Our largest investment to date is in a public market that nourishes our people, supports small businesses and connects communities. That's the kind of future we're proud to build."
Zoom in: The deal includes a combination of state and federal New Market Tax Credits, Historic Tax Credits, and funding through the Community Development Financial Institution (CDFI) Healthy Food Financing Initiative.
The big picture: The transformation's first phase is estimated to cost $53 million. The remaining funding has come from both public and private supporters, including more than $20 million from the City of Cleveland.
State of play: First on the list of major renovations is the East Arcade, which will be home to the market's produce vendors. It will include a new HVAC system and direct access to a renovated basement with cooler storage.
- The funding will also overhaul the "critical infrastructure" of the whole market and construct an onsite commercial kitchen.