Cleveland Development Advisors, an affiliate of Greater Cleveland Partnership, closed on a $3.05 million loan last Thursday from its Advance Cleveland Development Fund to support the redevelopment of the former dilapidated SASS Auto property.
The Tremont-Ohio City project, known as "TREO," will include 171 residential apartment units and over 3,100 square feet of first floor commercial space over structured parking.
Chicago-based MAVREK Development Inc. and Columbus-based Schiff Capital Group are partnering on the $38.5 million project that will continue the southerly momentum of Ohio City and Tremont towards the Clark-Fulton neighborhood and is the first to contribute to the newly created Reaching Lincoln Heights Development Fund, which will be used to support neighborhood improvements and could serve as a model for other hyper-local improvements made in part through fees charged to developers.
The project also provides increasing density along the W25th street transit corridor located a short walk from West 25th and Lorain, a busy bus hub and Red Line station. This will be the first Cleveland development for MAVREK, whose principals originally hail from Cleveland.