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County Executive Approves Loan for Redevelopment of Local Landmark Fairmont Creamery Development
Media contacts:
Jeane’ Holley: (216) 698-2544 or jholley@cuyahogacounty.us
CLEVELAND – Fairmont Creamery, a long-abandoned site situated on the link between Cleveland’s Tremont and Ohio City neighborhoods, will receive a $1 million loan from Cuyahoga County’s Western Reserve Fund to redevelop the building for mixed use. Cuyahoga County Executive Ed FitzGerald announced the award to assist with the environmental cleanup and facilitate the ambitious redevelopment of the former Fairmont Creamery building.
“Projects like this redevelopment project are a great investment for its neighborhood and surrounding communities,” said County Executive Ed FitzGerald. “The Creamery has an incredible view of Downtown Cleveland. It is blocks from the hearts of both Tremont and Ohio City. This project will transform an abandoned, blighted afterthought into a thriving, historic, development asset. It’s another example of the Western Reserve Fund accelerating neighborhood improvement.”
Developers plan to repurpose the building for apartments, retail and office space. The building contains over 100,000 sq. ft. on five floors. The building will be designed to LEED and Enterprise Green Communities standards, which will minimize energy use and utility bills for residents and businesses. The redevelopment of Fairmont Creamery will likely bridge the gap between Tremont and Ohio City. The estimated total project cost is over $13 million.
The Fairmont Creamery project is expected to create up to 45 new fulltime jobs new to the county; public partners expect dramatic increases in sales, property and income tax from the redeveloped site.
The project will be funded from the county’s Western Reserve Fund, a revolving loan fund that provides financing to job-creating and job retaining projects in the county. The overarching goal of the Fund is simple: make $100 million dollars available to spur county job creation and economic growth.
Jeane’ Holley: (216) 698-2544 or jholley@cuyahogacounty.us
CLEVELAND – Fairmont Creamery, a long-abandoned site situated on the link between Cleveland’s Tremont and Ohio City neighborhoods, will receive a $1 million loan from Cuyahoga County’s Western Reserve Fund to redevelop the building for mixed use. Cuyahoga County Executive Ed FitzGerald announced the award to assist with the environmental cleanup and facilitate the ambitious redevelopment of the former Fairmont Creamery building.
“Projects like this redevelopment project are a great investment for its neighborhood and surrounding communities,” said County Executive Ed FitzGerald. “The Creamery has an incredible view of Downtown Cleveland. It is blocks from the hearts of both Tremont and Ohio City. This project will transform an abandoned, blighted afterthought into a thriving, historic, development asset. It’s another example of the Western Reserve Fund accelerating neighborhood improvement.”
Developers plan to repurpose the building for apartments, retail and office space. The building contains over 100,000 sq. ft. on five floors. The building will be designed to LEED and Enterprise Green Communities standards, which will minimize energy use and utility bills for residents and businesses. The redevelopment of Fairmont Creamery will likely bridge the gap between Tremont and Ohio City. The estimated total project cost is over $13 million.
The Fairmont Creamery project is expected to create up to 45 new fulltime jobs new to the county; public partners expect dramatic increases in sales, property and income tax from the redeveloped site.
The project will be funded from the county’s Western Reserve Fund, a revolving loan fund that provides financing to job-creating and job retaining projects in the county. The overarching goal of the Fund is simple: make $100 million dollars available to spur county job creation and economic growth.
