Thursday, October 15, 2015

The Uptown Expansion EB-5 Project

The Uptown Expansion Project is CiF’s fourth EB-5 project and the second development in Cleveland’s University Circle neighborhood to receive EB-5 funding (CiF also issued an EB-5 loan to University Hospitals that partially financed construction of the Seidman Cancer Center in University Circle.) Developed by local real estate company MRN Ltd., the Uptown Expansion is a mixed-use project located on corner of Euclid Avenue and Ford Drive and builds off of the initial Uptown development.

The first Uptown development saw the construction of two three-story buildings, each divided into market-rate apartments on the top floors and retail space on the ground floor. The Uptown expansion mimics this layout, placing living space on the upper floors and retail space on the ground floor of a single, six-story building. The expansion is located just south of the original Uptown project site, situated across Euclid Avenue from Cleveland’s new Museum of Contemporary Art (MoCA) and a block southeast of the Cleveland Institute of Art (CIA) main campus.