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Axios
22-04-2025
- Business
- Axios
West Side Market secures $28M for major renovation
The Cleveland Public Market Corp., the nonprofit that operates the West Side Market, has secured $28 million to close a financing gap in the institution's long-awaited transformation. Why it matters: Construction can now begin on the first phase of a master plan that is estimated to cost $68 million. By the numbers: The $28 million package is the largest financing deal ever closed by Cleveland Development Advisors, established in 1989 as an affiliate of the Greater Cleveland Partnership to help developers and small businesses with financing and technical expertise. What they're saying: "This is more than a financing deal: It's a statement of purpose," said CDA president and CEO Yvette Ittu in a statement. "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." Zoom in: The deal includes a combination of state and federal New Market Tax Credits, Historic Tax Credits, and funding through the Community Development Financial Institution (CDFI) Healthy Food Financing Initiative. The big picture: The transformation's first phase is estimated to cost $53 million. The remaining funding has come from both public and private supporters, including more than $20 million from the City of Cleveland. State of play: First on the list of major renovations is the East Arcade, which will be home to the market's produce vendors. It will include a new HVAC system and direct access to a renovated basement with cooler storage.
Yahoo
17-04-2025
- Business
- Yahoo
West Side Market set to begin $70M improvement project
CLEVELAND (WJW) – It's been a long time coming, but the West Side Market is making final preparations to start its $70 million improvement project next month. 'We're gearing up for construction to start in May,' Cleveland Public Market Corporation Executive Director Rosemary Mudry said. 'This week was a major sort of final milestone in that process, which is that we closed on our stage one financing, which is about a $53 million total package.' Stage one of renovations will target foundational elements to transform the iconic Cleveland Landmark, starting in the East Arcade where produce vendors can be found. 'The very first piece that the public will see is that there will be fencing going up around the East Arcade, which is the side that faces, touches Lorain and goes along the parking lot,' Mudry said. Big savings on 'last call' bottles of liquor in Ohio Produce vendors will be shifting down to the North Arcade to accommodate those improvements. Work will also begin in the basement, overhauling critical infrastructure including the installation of modern food storage coolers, expanded cleaning and cutting stations and a new HVAC system. 'For anyone who's visited in the hottest day of the summer, coldest day of the winter, you know, there's not a lot of heating and cooling in this building,' Mudry said. 'And so a big piece of that is bringing the building into modern 21st century standards, which will make the customer experience better and improve the experience for merchants. And make it easier for them to sell their product.' Mudry said the entire $70 million project will take about three years. Operations at the market will not be interrupted. Vendors have mixed feelings, but are optimistic. 'Well, I'm happy that they're doing something to try to fix the market and try to bring it up to date,' Jim's Meats owner Mark Zarefoss said. 'Take care of some issues we have, a lot of issues. The construction does concern me. I mean, I hope traffic doesn't stop. I hope that people keep coming down. Please come down to the West Side Market because we need our customers.' Mudry said customers have nothing to worry about as the project moves forward. Local manufacturing plant permanently closed 'The customer experience will feel a little different, but mostly the same,' she said. 'And it'll be the same great energy when they walk in that North Arcade with the produce merchants and then coming into the market hall, which will be the same as it always is. There won't be any immediate construction in the market hall.' The entire project is expected to retain 250 jobs, create 144 new accessible, quality jobs and support over 425 construction jobs. The $53 million in funding to start stage one is the largest ever issued by Cleveland Development Advisors, and includes a combination of New Market Tax Credits, Historic Tax Credits and funding through the Community Development Financial Institution (CDFI) Healthy Food Financing Initiative. The city of Cleveland is supplying $23 million as well. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
