$1.4 Million in Economic Development Loans Reviewed and Recommended by Cuyahoga County Community Investment Corporation
Loans to Assist Full Renovations and Re-Uses of 2 Office Buildings in East Cleveland and Cleveland for Community Health and Wellness Businesses
CUYAHOGA COUNTY, OH – Two economic development loans proposed by the Administration of Cuyahoga County Executive Armond Budish were reviewed and recommended today by the Cuyahoga County Community Improvement Corporation (CCCIC).
If approved by the County’s Board of Control, a $485,000 Place-Based/Mixed-Use Loan would create six new leasable spaces for businesses that are health and wellness focused in the former Vitrolite Building at 2915 Detroit Avenue.New tenants will include Harness Cycle (an indoor cycling studio), a yoga and dance studio, flexible office space, and onsite flex childcare.
If approved by County Council, a $950,000 Redevelopment and Modernization Loan would renovate the vacant Mickey’s Building located at 12550 Euclid Avenue in the City of East Cleveland for businesses in biotech, life sciences. or health sector firms that would find value in being near the “eds and meds” institutions in University Circle.
“The County is pleased to be part of these projects that will assist in the redevelopment of two vacant properties, the former Vitrolite Building to create health and wellness spaces, and the vacant Mickey’s Building to create new office space near University Circle,” said County Executive Armond Budish. “The renovation of the vacant Mickey’s Building is part of a larger East Cleveland neighborhood revitalization project aimed at turning the area into a walkable pedestrian district and a rebuilding of the residential infrastructure, which can help attract more businesses. Together, these projects would create over 60 new jobs and anchor development in their respective areas.”
The Vitrolite Building project is expected to create 32 new jobs with a payroll of approximately $1.2 million annually. The total cost for the redevelopment project is $2.8 million.
The Mickey’s Building renovation project is expected to create 33 new jobs with a payroll of approximately $2.6 million annually. The total cost for the redevelopment project is $3.5 million.