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Circle East District

Impact sector

Healthcare + Biotech

Impact Statement

The project’s goal is to redevelop a 30-acre site comprising the residential and commercial districts at the East Cleveland western gateway to University Circle in order to expand East Cleveland’s property and income tax base, and act as the catalyst for further transformational redevelopment.

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The project will:
• Develop a unique and inclusive neighborhood that showcases the potential of the East Cleveland residential market. 
• Build new middle-income, owner-occupied housing options that are at the leading edge of design, highly energy efficient, accessible and offer contemporary lifestyle options, including opportunities for working from home. 
• Develop a vibrant commercial mixed-use corridor on Euclid Avenue as a western gateway to East Cleveland, leveraging its proximity to the employment hub of University Circle. 

The project is estimated to have the following economic impact: 
• $60 million of new property value 
• $12 million of new household income 
• $240,000 of annual income tax 
• 33 jobs created with a payroll of $2.64 million 

There are several investment opportunities, both residential and commercial. We are seeking private and philanthropic funds to support construction of approximately 200 single family units, including townhouses; mixed use and multifamily buildings along Euclid Avenue; and renovation of a 25,000 square foot commercial building. There are also opportunities to support home repair grant programs for existing residents, buyer subsidies to address the appraisal gap and affordable construction financing.