County approves loan to complete financing for Cleveland Athletic Club redevelopment

Tenants may be able to move into new apartments in the former Cleveland Athletic Club by the end of 2018, as Cuyahoga County will provide a $2-million loan to complete the financing for the project, Crain’s Cleveland reports. Cuyahoga County Council’s economic development committee approved the short-term loan to developer CAC Project 2014 LLC “to complete a $56.3 million development package,” according to the article. The Council approved the loan during its January 23, 2018 meeting. The rest of the financing is provided through a $29.1-million construction loan, “an historic tax credit of $12.9 million, a $3.6 million Ohio Water Development Authority environmental cleanup loan and $3 million in Cleveland tax increment financing.” The completed mixed-use development will have 8,000 square feet of office space, 8,000 square feet of retail space, and 161 one-, two-, and three-bedroom apartments. For more, read the full article.

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