Three Cleveland developments won competitive, highly coveted tax credits that will help push each of those new housing projects toward construction. In total, the trio will add 165 affordable residential units. But one of them is actually the construction of 40 new houses that offer an opportunity at home ownership.
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Warner & Swasey co-developers Pennrose and MidTown Cleveland today announced the closing of the last gap in the financing for the $64 million redevelopment of the historic factory, located at 5701 Carnegie Ave. in Cleveland’s MidTown neighborhood.
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Long considered as the affordable and accessible place to live between downtown and University Circle, the Midtown neighborhood of Cleveland is starting to take off. Multiple development projects are under way or planned in this area, midway between two of Ohio’s largest employment hubs — the city’s central business district and its eds-and-meds hub. And a project that many consider to be the key to unlocking further development in Midtown is finally moving forward.
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