Cleveland Development Advisors (CDA) and Cleveland Public Market Corporation closed on a $28 million investment package on behalf of West Side Market’s transformation project. The package, the largest ever issued by CDA, secures the remaining necessary funding for the Market to proceed with the $53 million first stage of the project. This package includes a combination of New Market Tax Credits (NMTC), Historic Tax Credits, and funding through the Community Development Financial Institution (CDFI) Healthy Food Financing Initiative. 

   PNC Bank, National Association is the NMTC investor with PPG Industries, Inc. serving as the historic tax credit equity investor. The remaining phase one financing comes from a coalition of government, corporate, and foundation partners, including $23 million from the City of Cleveland. 

   “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 (CPMC), the nonprofit that operates West Side Market. “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.” 

   Yvette Ittu, President and CEO of CDA, said: “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.” 

   “There is no West Side Market project without New Markets Tax Credits,” said Cleveland Mayor Justin Bibb. “These credits unlock investment in communities that traditional markets have long overlooked. They don’t just help projects happen — they help communities rise.” 

   CDA’s commitment includes managing $28 million in financing to fund the first phase of the project, structured through a powerful mix of tools: $20 million state & federal New Market Tax Credits (NMTC) allocation; $6 million loan to bridge Historic Tax Credit equity; and a $2 million loan through the Community Development Financial Institution (CDFI) Healthy Food Financing Initiative 

   New Market Tax Credits incentivize community development and economic growth through-the-use-of tax credits that permit individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in Community Development Entities such as CDA. The credits are designed to attract private investment to distressed communities. 

First Stage

   The first stage of the Market’s transformation project will renovate the East Arcade, which will be home to the Market’s produce vendors and feature improved, modern systems including the addition of HVAC and direct access to basement cooler storage from the Arcade. In addition, the $53 million first stage will overhaul 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. These first updates will enhance both the merchant and customer experience at the Market. 

   Later phases 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. 

   “A community asset like the Market needs broad community support,” said David Abbott, CPMC board president.  “We are extremely grateful for the public, corporate and philanthropic investment we have received so far, and we are eager to enlist an even wider array of backers so we can finish this important job.” 

   “West Side Market is the soul of Cleveland,” said Ittu. “It’s where we see the best of who we are—immigrants and entrepreneurs, families and food lovers, neighbors, and newcomers. And with this investment, it will continue to thrive for the next 100 years.”