New Markets Tax Credit Coalition

  • Cleveland,
  • OH
  • (2006)

The Corner Alley

District: Shontel Brown (D-OH11)

Investment

  • NMTC Amount: $1,400,000
  • Total Project Cost: $9,000,000

IMPACT

  • 125 FTE jobs
  • 44 construction jobs
  • 28,000 sq. ft. of real estate

CDEs

Investor

Project Description

MRN Ltd. undertook the redevelopment of East 4th Street between Euclid and Prospect Avenues. This destination neighborhood is a thriving entertainment and dining area of downtown. The Corner Alley was a $9 million redevelopment that entailed rehabilitation of the first two floors of a historic structure into a 28,000 sq. ft. entertainment/restaurant venue with 15 bowling alleys, billiard tables, special event space, restaurant and bar. The upper three floors were transitioned into 50 market-rate apartments. CNMIF provided a $1.4 million loan to this project that anchors the north end of the East 4th Street neighborhood.

External Profile

MAP

Address: 410 EUCLID AVENUE, Cleveland, OH 44113

Census Tract: 39035107701

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