Economic development reporter Mandy Kraynak recaps The Land’s top 10-most read stories published this year, the impacts they’ve had in Cleveland neighborhoods, and any updates that have happened since.
Shaker Square, the historic retail center on Cleveland's east side that has been in foreclosure limbo for over a year, is now officially under new ownership.
The city’s loan would allow the two nonprofit developers to buy the site, providing the owner with the money it needs to settle up with the out-of-town lender.
The city is willing to put up $12 million in loans to pay off the Square’s owners’ mortgage debt. The nonprofts Burten Bell Carr Development Corporation and Cleveland Neighborhood Progress would take possession of the site, pay back at least half the loan and find a new owner for the property.
Two Cleveland nonprofits Cleveland Neighborhood Progress (CNP) and New Village Corporation (NVC) have proposed a plan to Cleveland City Council Thursday to purchase the historic Shaker Square and save it from a sheriff’s sale, according to a news release.