New retail, housing opportunities for East Cleveland, multi-million dollar project

CLEVELAND, Ohio (WOIO) - A $40 million investment is underway in East Cleveland.

Long-time resident Demario Peterson is eager to see how it will pan out.

“It will bring more people here and business will bring more money here to build our economy up that’s what we need,” said Demario Peterson.

The building is on Euclid Ave., and was owned by the county.

It’s now in the hands of a developer and is being turned into a destination where small businesses can thrive.

Jennifer Wintner is the attorney representing the Olympia Foundation and Genesis Group, who purchased the building.

“We anticipate a number of small businesses located there bringing a lot of jobs to the community with probably some retail options,” said Wintner.

Wintner says ultimate goal is to have high-rise apartments go up on this property.

“Up to 200 apartment units which will be mixed-income but most will be very affordable. We anticipate having units that are the same quality but at a much more affordable rent,” said Wintner

Cuyahoga County council unanimously voted yes on the project.

Cheryl Stephens represents Cuyahoga County Council district 10.

“It’s the kind of project that not only brings community and economic development but housing to the neighborhood. And more affordable housing. And quality condition is needed in east Cleveland,” said Stephens.

“This is a great opportunity for the City of East Cleveland. It is a project that sits on the Eastern Boarder of a $120M Target Area development project that we are working on with our development partners – County LandBank (CCLRC). Genesis has proven to be a credible developer who has agreed to work with this administration and residents to assure community input. We look forward to this partnership,” said Brandon King, East Cleveland Mayor.

Wintner tells 19 news, the sale on the property will close this spring.

They plan on having tenants move in shortly after that.

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