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.
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.