Buckeye Road Commercial Corridor Revitalization
The project includes renovation of 10 vacant distressed buildings into 20 apartments, 7 live/workspaces, 14 retail bays, 6 offices and the Moreland Theater itself for a total of approximately 56,000 net leasable square feet. The financial forecast includes a total development cost of $18 million and a financing gap of $6.3 million before this additional NTI funding. The “gap” results from high costs due to extensive deferred maintenance coupled with low market rents for residential and commercial property in Buckeye that restricts conventional sources of capital.
About the Developer & Project
- Primary Contractor: Beacon Contractors
- General Contractor: Developers Specialty Services
Renovation Project at 11810-20 Buckeye Road
- Start Date: September 30, 2024
- End Date: December 31, 2028
- Total Project Cost: $17,941,646
- Total Hard Construction Cost: $13,642,844
Funds
- City of Cleveland Economic Development Loan: $3,879,809
- Equity Investment: $9,498,443
- Bank Loans: $2,612,000
- Other Government Loans: $1,951,394
Community Benefits Agreement Terms
MBE Participation Goal (15%)
FBE Participation Goal (7%)
CSB Participation Goal (8%)
Cleveland Resident Construction Worker Hours: 20% Requirement
Low-Income Cleveland Resident Construction Worker Hours: 4% of the 20% Requirement
Mentor/Protégé Program: (3) Mentor/Protégé Relationships.
Internships: (2) Cleveland Resident Interns at the Rate of $20 /hr. for a minimum of 50 hrs. worked per intern.
Community Engagement: (3) Community Stakeholders’ meetings