A Cleveland-New York development partnership is seeking financing for a significant remake of the heart of Cleveland’s Slavic Village at Broadway Avenue and East 55th Street. And an application for Low Income House Tax Credits (LIHTC) is bringing more clarity to the partnership’s redevelopment plans that were first revealed publicly by NEOtrans in May 2023.
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While Northern Real Estate Urban Ventures, LLC (NREUV) is getting ready to break ground this week on its first Cleveland development, it’s already putting together the pieces for its next project here. The redevelopment of MLK Plaza, 9300 Wade Park Ave., in Cleveland’s Hough neighborhood would replace an aging, mixed-use complex with modern, low-income housing over ground-floor programming and common areas.
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Key pieces of financing were awarded this week to a significant development planned on the south side of the intersection of Detroit and Lake avenues in Cleveland’s Detroit-Shoreway neighborhood. There, a 136-unit affordable housing project could see construction start by early next year on the site of the former Watterson-Lake Elementary School, 7407 Detroit Ave.
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While only one proposed affordable housing development in Cuyahoga County was awarded the coveted 9 percent Low Income Housing Tax Credits (LIHTC) from the state, four others in the county got conditional approval, putting them in a good position to get financing in the near future. All five developments, if built, would add 247 total units of affordable housing in the county.
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The days may be numbered for the historic Lakewood Baptist Church, 14321 Detroit Ave., just east of Downtown Lakewood. A Cleveland-based developer has at least an option to purchase the property and has notified two tenants of the church-school complex of its pending redevelopment into senior apartments.
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