Cuyahoga Land Bank Leads $122 Million Redevelopment Plan
One Community Update
June 5, 2024
Source: Cleveland Magazine
In an area including Cleveland’s eastern gateway to University Circle and East Cleveland, the Cuyahoga Land Bank is leading a $122 million redevelopment plan that will consist of more than 200 homes to jumpstart transformational development with an estimated economic impact of $60 million in new property value — and aside from additional income and tax benefits, an expected 610 construction jobs will be created.
A commercial building will anchor the district, and Circle East includes a “heavy emphasis on sustainability,” Dennis Roberts, director of real estate development at Cuyahoga Land Bank, says, pointing to rooftop solar power to reduce energy bills, greenspaces and EV chargers.
Roberts says Circle East will become “an entirely new neighborhood” within a 30-acre footprint including 18 parcels on Euclid Avenue. “We think that is ideal for commercial redevelopment, retail and amenities,” he says, adding the five-year plan comes after two studies conducted in 2015 by Case Western Reserve University and in 2020 by Cleveland State University. “This is an ideal place to strategically develop to spur further investment.”
Circle North, an area just north of Circle East District, is another location where the Land Bank is heavily engaged in development. Some Land Bank initiatives include building new homes — completed residences on East 116th Street and Ashbury Road, and three in-progress on Beulah Avenue. “Our strategy at the Land Bank is to find neighborhoods that need government intervention, and we believe with the investment of our time, talent and treasure we can tip that community and get it into a good place to create a market,” Roberts says.
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