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Cleveland, OH (2022)

MAGNET

Renovation of a vacant, former school as its new 57,000 SF headquarters, training and production facility located in Hough/Midtown neighborhood in Cleveland, OH.

Investment

  • NMTC Amount: $14,000,000
  • Total Project Cost: $16,026,224

IMPACT

  • 69 FTE jobs
  • 54 construction jobs
  • 26 jobs created and 43 jobs retained.
  • 47,240 sq. ft. of real estate

Investor

Project Description

MAGNET, part of the federal Manufacturing Extension Partnership Program, assists youth, job seekers and incumbent workers with training, apprenticeships and other workforce development services. The nonprofit will renovate a vacant, former school as its new 57,000 sq. ft. headquarters, training and production facility located in Hough/Midtown neighborhood in Cleveland, OH. The Cleveland Metropolitan School District (CMSD) will occupy 12,000 sq. ft. of the space as VOC-ED space; 17,000 sq. ft. will be used for advanced manufacturing and startup companies, 18,240 sq. ft. for office space, and 4,760 for community meeting rooms, a computer lab and exhibition space for robots, 3D printers, and AI that is used to highlight manufacturing advances to area entrepreneurs and STEM career opportunities for job seekers and youth. The community impacts include 1) a new initiative to introduce STEM career opportunities to over 2,600 7th graders and 2,200 12th graders from CMSD; 2) increase in annual job seekers to receive coaching, placement and training from 500 to 1,000 – 3,000; 3) increase apprenticeships through the “Early College/Early Career” program from 25 to 75 annually. CNMIF II has approved a $5M Federal NMTC allocation for the construction of the new headquarters totaling $18.6M. PNC will be providing an additional $2M of federal NMTC allocation and PNC Bank will be the investor. The NMTC financing is anticipated to close in June 2022.

MAP

Address: 1800 E 63rd Street, Cleveland, OH 44103

Census Tract: 39035112301

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