Shaker Square – New Village Capital
New Village Corporation (90% owner of Sh Sq LLC, and Burten Bell Carr (10%) created Sh Sq LLC to purchase and stabilize the historic Shaker Square shopping center. The property was purchased out of receivership to prevent an out-of-state unmotivated buyer and prevent further disinvestment. The team is currently working to stabilize the property through capital improvements, leasing, and a long-term visioning process which will engage the community and help prepare the property for a long-term owner/developer. The $250,000 loan from the City will assist the team with tenant improvements at Dave’s Grocery that is located at the Square. These will include new flooring and new equipment to help improve services at the store.
About the Developer & Project
- Primary Contractor: Venvidici Ltd
13100 Shaker Square
- Start Date: December 1, 2024
- End Date: July 1, 2025
- Total Project Cost: $5,000,000
- Total Hard Construction Cost: $
Funds
- City of Cleveland - $850,000
Building(s):
- Parcels – 14411011, 14411012
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: (1) Mentor/Protégé Relationships.
Internships: (1) Cleveland Resident Interns at the Rate of $20 /hr. for a minimum of 50 hrs. worked per intern.
Community Engagement: (3) Community Stakeholders’ meetings
Additional Community Benefits: (a.) Developer shall contract with an OEO-certified real estate management firm to manage Shaker Square Shopping Center within 120 days of execution of this agreement. (b.) Developer will provide capital injections to at least three (3) certified contractors to assist with capacity building, in which the status and amounts shall be reported to OEO on a quarterly basis.