CDA provides financing for new Dave’s Supermarket in Midtown

December 5, 2017  Financing closed for the new Dave’s Supermarket being constructed as part of the Link59 project at E. 59th and Euclid in the Midtown neighborhood.  Cleveland Development Advisors, an affiliate of GCP, provided a $10 million New Markets Tax Credit (NMTC) allocation and $1 million in direct financing.

This full-service grocery store will bring healthy food and educational programming to a federally designated food desert.  Dave’s will provide cooking classes and seminars to promote healthy food choices.  In addition, Dave’s is working with the UH Rainbow Center for Women and Children, under construction next door, to provide its patients with access to healthy food.

The project would not be feasible without the use of NMTC.  In addition to the allocation provided by CDA, the Northeast Ohio Development Fund and Capital One provided $7 million of allocation.