CLEVELAND — The remaining funds for the first stage of construction related to West Side Market transformation project have been secured, thanks to a $28 million investment package.
What You Need To Know
- The West Side market transformation project secured a $28 million investment package
- This secures funding for the first stage of construction
- The deal includes various tax credits and funding
- The first phase includes overhauling infrastructure, adding storage coolers and a commercial kitchen more
The deal was closed by the Cleveland Development Advisors (CDA) and Cleveland Public Market Corporation (CPMC), according to a press release. It includes various tax credits and funding.
“We are incredibly grateful and thrilled that the Market is receiving the largest investment financing package that CDA has made,” said Rosemary Mudry, executive director of Cleveland Public Market Corporation (CPMC), the nonprofit that operates West Side Market. “Working with our government, corporate, investment and philanthropic partners, we have been able to leverage a complex set of funding tools to take our first steps in bringing this ambitious vision to life. It’s a testament to the time, energy, and passion that so many in this community want to invest in the Market and its future.”
The release states that PNC Bank, National Association is New Market Tax Credits investor. They say PPG Industries, Inc. is the historic tax credit equity investor. The Community Development Financial Institution (CDFI) Healthy Food Financing Initiative is also providing a loan for $2 million.
“The remaining phase one financing comes from a coalition of government, corporate, and foundation partners, including $23 million from the City of Cleveland,” the release reads.
Cleveland Mayor Justin Bibb said, without the New Markets Tax Credits, there would be no West Side Market project.
“These credits unlock investment in communities that traditional markets have long overlooked,” he said in the release. “They don’t just help projects happen — they help communities rise.”
Yvette Ittu, president and CEO of the CDA, said this serves as a statement of purpose.
“The West Side Market is one of the few places where Cleveland’s history, culture, neighborhoods and economy come together,” Ittu said in the release. “Our largest investment to date is in a public market that nourishes our people, supports small businesses and connects communities. That’s the kind of future we’re proud to build.”
The first stage of the renovations amount to $53 million and includes overhauling infrastructure, adding new food storage coolers, a commercial kitchen and more, according to the release. It will also transform the East Arcade, adding HVAC and basement access.
Other phases will include work to the North Arcade and Courtyard, a basement renovation and the addition of seating and private event and educational space/programs.
The release states that the project will retain 250 jobs and create 144 new ones. They also say it will support more than 425 construction jobs.
In total, the transformation project will amount to $68 million in renovations to the market.
“A community asset like the Market needs broad community support,” CPMC board president David Abbott said in the release. “We are extremely grateful for the public, corporate and philanthropic investment we have received so far, and we are eager to enlist an even wider array of backers so we can finish this important job.”
You can learn more about the market here.