Cleveland, OH

Fairfax Market development wins financing

NEOtrans

https://img.particlenews.com/image.php?url=1KzEAD_0cvimQ7q00
Site near Cleveland Clinic, University Circle to be Meijer store, apartmentsBialosky

Now just vacant land, the southwest corner of East 105th Street (at left) and Cedar Avenue (at right) will likely be a very different place soon. With construction due to start early next year on the Fairfax Market and many other developments nearby, this part of the Fairfax neighborhood may be a vibrant, urban neighborhood in just two years.

Financing was awarded to the first phase of a mixed-use development on the southeast corner of East 105th Street and Cedar Avenue that aims to capitalize on the many infrastructure, health care and residential developments nearby.

Using the working titles of Cedar Avenue Mixed Use and/or the Fairfax Market, Fairmount Properties’ won $37 million in bond financing from the Cleveland-Cuyahoga County Port Authority for the $59 million, 190,000-square-foot building and attached three-level, 209-space parking garage.

“This is exactly the type of project that is needed to support current residents,” said Pat Ramsey, chair of the Port of Cleveland Board of Directors, in a written statement. “It fills a critical need in the marketplace and community while adding essential workforce housing to support our region’s largest job center. Overall, this is a transformative project for the Fairfax neighborhood.”

https://img.particlenews.com/image.php?url=2H5aPe_0cvimQ7q00
The first phase of Fairmount Properties’ mixed-use development is shown with the Cleveland Clinic Foundation’s main campus to the northBialosky

Someday, phase two of the Fairfax Market development could rise on the block immediately west of phase one.

The project will capitalize on the rapidly growing Cleveland Clinic nearby as well as the 2.9-acre development’s location on the Opportunity Corridor which opened to traffic recently. East 105th was rebuilt and widened as part of the $331 million Opportunity Corridor, creating a new boulevard to reach the Interstate highway system and to open up the so-called Forgotten Triangle to new housing and jobs.

“This is a really important milestone for us to reach this point,” said Fairmount’s Principal Adam Fishman at a Nov. 5 meeting of the City Planning Commission. “This is a mixed-use project that we’ve been working on for a long time with tremendous support from Cleveland Clinic, Fairfax Renaissance development corporation, Councilman (Blaine) Griffin, the Meijer corporation and the Port of Cleveland.”

NEOtrans first reported on the potential for a grocery store as part of Cleveland Clinic-related developments in early 2020. A few months later, more details became available about the proposed development, including a potential urban-format Meijer grocery store being a part of the plan. This will be the Michigan-based chain’s first store in the city of Cleveland and only it's second in Cuyahoga County. It opened a full-size store in suburban Seven Hills.

Read more at NEO-trans.blog

https://neo-trans.blog/2021/11/12/fairfax-market-development-wins-financing/

Comments / 1

Published by

Greater Cleveland economic, development, real estate, construction and transportation news

Cleveland, OH
372 followers

More from NEOtrans

Comments / 0