$2 Million Economic Development Loan Reviewed and Recommended by Cuyahoga County Community Investment Corporation
Mary Louise Madigan: (216) 698-2521; firstname.lastname@example.org
Loan to Assist Development of Transformational Mixed-Use Project in Hingetown District of Ohio City
CUYAHOGA COUNTY, OH – An economic development loan proposed by the Administration of Cuyahoga County Executive Chris Ronayne was reviewed and recommended today by the Cuyahoga County Community Improvement Corporation (CCCIC) for the Bridgeworks mixed-use project.
If approved by Cuyahoga County Council, a $2 million Place-Based/Mixed-Use Loan would create 140 residential apartments, a 132-room hotel, 120-seat restaurant and bar, a 12,000 square foot office space, and a 246-space parking garage in Ohio City’s Hingetown District. Half (70) of the residential apartments will be reserved for workforce affordable housing, while the remaining units will be market-rate. The vacant site, located at 2429 West Superior Viaduct, is the former site of the Cuyahoga County Engineer.
“The County is excited to assist with a project that can help accelerate the growth of the Hingetown district in the Ohio City neighborhood,” said County Executive Chris Ronayne. “This project will not just bring apartments, a hotel, and office space, but will also create public space and amenities directly across the street from Irishtown Bend Park. It will make a critical connection between the Ohio City neighborhood and the West Bank of the Flats, and will turn an underutilized property into a valuable community asset. This is exactly what community and economic development are all about.”
The project is expected to create 58 new jobs with a payroll of approximately $2,171,520 annually. The total project cost will be more than $103.7 million.