The Finch Group is proceeding with the second phase of the Innova project.  The investment will add 70 apartment units (65 efficiencies and 5 one-bedrooms) and 7,700 SF of retail space.  The initial phase, 177 apartment units and 23,000 square feet of retail, was completed in 2015.  CDA provided $3 million of financing for the first phase.

http://www.innovaliving.com/

Project Partners: Huntington National Bank

Project Details

Completed Under construction - 2018 completion
Location Chester Avenue and E 97th Street, Hough neighborhood
Project Type Mixed use; New construction
Program 70 apartments; 7,700 SF retail
Sponsor The Finch Group
CDA Investment $1.5 million loan from ACDF
Total Project Costs $26 million
Community Demographics Poverty Rate: 34%
Median Income: 42%

Impact

  • Diversity and Inclusion

    The project sponsor committed to construction participation goals for Minority, Female, and Cleveland Small Businesses (MBE/FBE/CSB) as well as minority, female and City of Cleveland resident workers.

  • Executed Community Benefits Agreement

    The project sponsor has committed to quantifiable community impacts by executing a Community Benefits Agreement.

  • Advances Neighborhood Revitalization

    The project will serve as a catalyst for additional development in the Hough neighborhood, one of the most impoverished census tracts in the City of Cleveland.

  • Accessible Public Transit

    The project is located on several major bus routes.