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CLEVELAND, Ohio – Financial aid packages were approved Monday by Cleveland City Council for three redevelopment projects in the city.
Tax incentives were approved for two projects, each of which involves commercial space and apartments. In both cases, the tax breaks will help cover the financing for the projects – one in Hough and one on the edge of Tremont.
The third project, involving an old Masonic hall in Ohio City, will allow for a special tax assessment that will secure financing for green energy projects.
Mayor Frank Jackson will need to sign legislation for each of the projects before the aid packages take effect.
Here’s a look at the three projects:
Addis View apartments
The Inspirion Group plans to create more than 400 apartment units in a four-phase construction plan on East 90th Street at Chester Avenue in Hough.
The projected is expected to cost about $43 million. The developers hope to close on their financing package this month, Cleveland Economic Development Director David Ebersole told City Council.
Inspirion acquired several parcels from the city’s land bank for the project. In April, the city approved a $500,000 loan to help pay for demolition of dilapidated housing on the lots.
The project, known as Addis View apartments, would be constructed in four phases, creating 424 apartments in upper floors and commercial space at ground level.
On Monday the council approved the project for tax increment financing, a tool that allows new property taxes generated by the development to help finance the project.
The tax package, valued at $1.7 million over 30 years, will not have any effect on taxes for Cleveland city schools.
TREO Development Project
Three Cleveland natives who run a Chicago development company plan to build 171 new apartments on West 25th street on the edge Tremont.
The project by Mavrek Development will have studio, one- and two-bedroom units in a new building in the 2400 block of West 25th Street. The site previously was home to Sass Automotive and Wrecking.
“It’s an area of West 25th that has not seen much investment,” Councilman Kerry McCormack said. The project could help carry development, which has been moving southward on West 25th, across the RTA tracks and allow for future growth.
The project involves about $31 million in investment, Ebersole said. A tax increment financing package for TREO is valued at about $1.2 million over 30 years.
It will not have any effect on taxes for Cleveland city schools.
The company hopes to settle its financing this month, Ebersole said.
Cleveland Rocks gym
Cleveland Rocks Holding, LLC, a privately held real estate investment entity, plans a multifaceted redevelopment of a former Masonic Temple at 2831 Franklin Boulevard.
The building, roughly 42,000 square feet of space, is located just west of West 28th Street. It would primarily house a gym for rock climbing. The remainder of the space would be occupied by various other fitness facilities, including a yoga studio, and office space and commercial “makerspaces” for entrepreneurs.
City Council on Monday approved a special assessment to support green energy installations. Cleveland Rocks will be allowed to apply property taxes generated by the special assessment toward loans to pay for the energy projects, Ebersole said.
“The idea is that the energy improvements that you are making to the building are reducing the costs of operation by an amount greater than the amount of the special assessment,” Ebersole said.
The company plans to spend about $500,000 on LED lighting, roof enhancements and energy efficient controls for heating, ventilation and air conditioning systems.
The special assessment will help developers get loans for that construction at an annual interest rate of about 3.5%, Ebersole said. Work could begin as soon as this month.
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