The initial phase of the West Side Market’s renovation project, valued at $53 million, will focus on revitalizing the East Arcade to accommodate the various produce vendors.
Cleveland is set to witness the commencement of the eagerly anticipated West Side Market transformation after the Cleveland Development Advisors (CDA) secured a $28 million investment package for the project.
In a joint statement released on Wednesday, the CDA and the Cleveland Public Market Corporation (CPMC), the nonprofit organization overseeing the West Side Market, revealed that the funding will be sourced from a mixture of federal and state tax credits, historic tax credits, and financial support from the Community Development Financial Institution (CDFI) Healthy Food Financing Initiative.
The $53 million first stage of the West Side Market’s transformation project will renovate the East Arcade, which will be home to the produce vendors and feature “improved, modern systems including the addition of HVAC and direct access to basement cooler storage from the Arcade.”
In addition, plans call for an overhaul of the “critical infrastructure of the whole Market, including the installation of modern food storage coolers, expanded cleaning and cutting stations, and the addition of an onsite commercial kitchen.”
“We are incredibly grateful and thrilled that the Market is receiving the largest investment financing package that CDA has made,” said Rosemary Mudry, executive director of Cleveland Public Market Corporation. “Working with our government, corporate, investment, and philanthropic partners, we have been able to leverage a complex set of funding tools to take our first steps in bringing this ambitious vision to life. It’s a testament to the time, energy, and passion that so many in this community want to invest in the Market and its future.”
Officials say later phases of the Market’s transformation “will reimagine the North Arcade and Courtyard into a welcoming public destination with new dining spaces, event venues, food stalls, bars and restaurant incubators. Unused spaces in the main Market Hall building will also be transformed into seating, private event, and educational areas.”
The entire project is expected to retain 250 jobs, create 144 “new accessible, quality jobs” and support over 425 construction jobs.
“This is more than a financing deal: It’s a statement of purpose. The West Side Market is one of the few places where Cleveland’s history, culture, neighborhoods and economy come together. Our largest investment to date is in a public market that nourishes our people, supports small businesses and connects communities. That’s the kind of future we’re proud to build,” added Yvette Ittu, CDA’s president and CEO.
