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County Approves $2 Million Loans to Assist with Former Parmatown Redevelopment and Expansion
Media contacts:
Jeane’ Holley: (216) 698-2544 or jholley@cuyahogacounty.us
CLEVELAND – Cuyahoga County Executive Ed FitzGerald announced the award of $2 million to transform Parma’s downtown. The former Parmatown Mall, at the site of Parma’s most trafficked intersection and center of its downtown district, will be completely redeveloped into the Shoppes at Parma. The reimagined site will include modern retail, new medical offices and other amenities to serve Parma and surrounding communities.
Cuyahoga County Council approved the award from Cuyahoga’s Western Reserve Fund, a $100 million economic development fund established to make catalytic economic development investments throughout the county. The underutilized Parmatown Mall will receive two $1 million Redevelopment Ready loans from the Cuyahoga County Western Reserve Fund. The funding from the two loans will be used to assist with the asbestos abatement of the two medical office buildings, and the asbestos abatement and subsequent demolition of obsolete retail buildings. Phillips Edison & Co will redevelop and manage the site after the completion of the $70 million project.
“This site has been a development priority for a long time. It took a team approach from the public sector and the county’s investment to make this transformation a reality,” said County Executive Ed FitzGerald. “In addition to the new construction – and the jobs that come with it – remediating and redeveloping this site will be a long term boost to Parma’s premier commercial real estate and spur additional growth in the area. “
Located within the 82-acre redevelopment site, the medical office buildings will be the site of new medical industry jobs. The redevelopment project will create approximately 600 construction jobs; the retail component is anticipated to provide 1,750 jobs. The Parmatown redevelopment project will generate sales tax from the retail operations, which is projected to be $3.6 million, which is in addition to the increased income taxes from the additional jobs created.
Cuyahoga County’s Western Reserve Fund is a first-of-its-kind initiative designed to deliver jobs and prosperity to Greater Cleveland. The Fund is structured as a revolving loan fund that provides gap financing to job creating and job retaining projects in the county, while contributing to economic growth.
Jeane’ Holley: (216) 698-2544 or jholley@cuyahogacounty.us
CLEVELAND – Cuyahoga County Executive Ed FitzGerald announced the award of $2 million to transform Parma’s downtown. The former Parmatown Mall, at the site of Parma’s most trafficked intersection and center of its downtown district, will be completely redeveloped into the Shoppes at Parma. The reimagined site will include modern retail, new medical offices and other amenities to serve Parma and surrounding communities.
Cuyahoga County Council approved the award from Cuyahoga’s Western Reserve Fund, a $100 million economic development fund established to make catalytic economic development investments throughout the county. The underutilized Parmatown Mall will receive two $1 million Redevelopment Ready loans from the Cuyahoga County Western Reserve Fund. The funding from the two loans will be used to assist with the asbestos abatement of the two medical office buildings, and the asbestos abatement and subsequent demolition of obsolete retail buildings. Phillips Edison & Co will redevelop and manage the site after the completion of the $70 million project.
“This site has been a development priority for a long time. It took a team approach from the public sector and the county’s investment to make this transformation a reality,” said County Executive Ed FitzGerald. “In addition to the new construction – and the jobs that come with it – remediating and redeveloping this site will be a long term boost to Parma’s premier commercial real estate and spur additional growth in the area. “
Located within the 82-acre redevelopment site, the medical office buildings will be the site of new medical industry jobs. The redevelopment project will create approximately 600 construction jobs; the retail component is anticipated to provide 1,750 jobs. The Parmatown redevelopment project will generate sales tax from the retail operations, which is projected to be $3.6 million, which is in addition to the increased income taxes from the additional jobs created.
Cuyahoga County’s Western Reserve Fund is a first-of-its-kind initiative designed to deliver jobs and prosperity to Greater Cleveland. The Fund is structured as a revolving loan fund that provides gap financing to job creating and job retaining projects in the county, while contributing to economic growth.
