DevelopOhio

Tenants may be able to move into new apartments in the former Cleveland Athletic Club by the end of 2018, as Cuyahoga County will provide a $2-million loan to complete the financing for the project, Crain’s Cleveland reports. Cuyahoga County Council’s economic development committee approved the short-term loan to developer CAC Project 2014 LLC “to complete a $56.3 million development package,” according to the article. The Council approved the loan during its January 23, 2018 meeting. The rest of the financing is provided through a $29.1-million construction loan, “an historic tax credit of $12.9 million, a $3.6 million Ohio Water Development Authority environmental cleanup loan and $3 million in Cleveland tax increment financing.” The completed mixed-use development will have 8,000 square feet of office space, 8,000 square feet of retail space, and 161 one-, two-, and three-bedroom apartments. For more, read the full article.