The project consists of a historic redevelopment of three buildings on the south side of Franklin Blvd: a former YWCA on W 31st, a historic mansion on W32nd, and a small, 2,000 SF one-story building immediately south of the mansion, and (2) ground up multifamily construction on the north side of Franklin Blvd. The Co-Developer is working with and anticipates putting a breakfast/lunch restaurant in the small commercial building. The buildings all surround a courtyard space, which will be highly landscaped and include common area amenities. Other building amenities include a fitness center, community living room, and work/study living room.
About the Developer & Project
- Primary Contractor: White Label Const.
Redevelopment Project 3105 Franklin Blvd
- Start Date: July 1, 2024
- End Date: April 1, 2025
- Total Project Cost: $19,104,203
- Total Hard Construction Cost: $15,552,478
Funds
- CRA Tax Abatement (CD) - $5,072,963.12
- TIF (ED) – $1,966,331.97
- Equity Inv: $6,092,774
- Bank Loans: $10,200,000
- Dollar Bank tax credit equity investment: $2,811.429
Building(s): (3)
- Parcels: 00331063, 00331004, 00332001
YWCA – 31 residential units
Mansion – 7 units
New Construction – 29 units
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: (3) Cleveland Resident Interns at the Rate of $20 /hr. for a minimum of 50 hrs. worked per intern.
Apprenticeships: (3) Cleveland Resident Apprentices
Community Engagement: (3) Community Stakeholders’ meetings