Friday, June 19, 2015

New Tax Credit Project Funded in Clark Fulton, The Lofts at Lion Mills Scheduled to Break Ground Early 2016


For Immediate Release
Contact: Greg Baron
cell:  (216) 409-4801
June 19, 2015

Clark-Fulton, Cleveland, OH - The Detroit Shoreway Community Development Organization (DSCDO) is pleased to announce that the Lofts at Lion Mills project has been awarded Low Income Housing Tax Credit (LIHTC) funding for 2015 by the Ohio Housing Finance Agency.

The project is one of only three projects in Cuyahoga County to receive LIHTC funding for 2015. DSCDO is the only real estate developer in Cleveland, both non-profit and private, to receive LIHTC funding three years in a row.

The $9 million project is an adaptive reuse of a mostly vacant commercial structure to create thirty-six (36) loft-style units with affordable rents. Additional amenities include eighteen (18) parking spaces, an elevator, a laundry facility, a community room, and open-concept floor plans.

The building was originally constructed for the Lion Knitting Mills in 1919, which produced knitted goods for the military and private labels for 78 years. Due to foreign competition, the company closed down in 1990.

The building was later occupied by Kredo Industrial Supply and has since been used primarily for storage. The building is scheduled to be added to the National Register of Historic Places and federal historic tax credits will help finance the rehabilitation.

The building is located at the intersection of West 25th Street and Meyer Avenue, two blocks north of MetroHealth Hospital, the largest employer on the West Side of Cleveland with 6,000 jobs, and will support MetroHealth’s $1.2 billion campus transformation.

Other recent investments on West 25th Street
Lofts at Lion Mills, 3256 West 25th Street, Cleveland Ohio 44109

The Lofts at Lion Mills is at the southern end of the La Villa Hispana (“The Hispanic Village”) district which is centered around the West 25th St. & Clark Ave. intersection. The neighborhood has the highest density Latino population in the State of Ohio, and project partners in developing La Villa Hispana include the Hispanic Business Center, the Hispanic Alliance, MetroHealth, the Stockyard, Clark-Fulton & Brooklyn Centre Community Development Office (SCFBC) and others.

Mayor Frank Jackson designated the Lofts at Lion Mills project as one of three citywide “priority” projects recommended to the Ohio Housing Finance Agency for low income housing tax credits. This designation helped the project receive bonus points in scoring.

The support of Dr. Akram Boutros, President and Chief Executive Officer of MetroHealth, was also critical to the project receiving funding. Councilman Brian Cummins has played a key role in the development of this project through his leadership and funding in helping DSCDO open a satellite office in July 2010 on Fulton Road to serve the neighborhoods of Stockyards, Clark-Fulton, and Brooklyn Centre.

Councilman Cummins and the SCFBC community development office have helped get 300 vacant and abandoned houses demolished in the past 5 years, and another 100 vacant and abandoned houses rehabbed.

The Lofts at Lion Mills will help to advance an estimated $100 million in improvements (in addition to MetroHealth’s campus renewal) currently underway in the neighborhood.

Detroit Shoreway Community Development Organization
The Gordon Square Arcade Atrium, 6516 Detroit Avenue, Suite 1
Cleveland, OH  44102-3057
(216) 961-4242 ex 224 (216) 961-8830 fax

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