$1M of Investment Going to Slavic Village as Part of Cleveland Chain Reaction
Release Date: 4.21.2017
CLEVELAND – Slavic Village, an east side neighborhood in the city of Cleveland, has been selected as the host neighborhood for Cleveland Chain Reaction, an economic development project that will match local investors with local entrepreneurs to open five new businesses in the city in 2017. The total economic boost to the neighborhood will likely exceed $1 Million.
Five local investors have committed to the project. These city advocates have each pledged a minimum of $130,000 to invest in a local scale-up business. Collectively, the five new businesses that open during Chain Reaction will bring jobs and additional economic activity to the neighborhood. The five investors – Fred Geis, Andrew Jackson, Lillian Kuri, Justin Miller, and Claudia Young – were responsible for choosing Slavic Village as the winning neighborhood.
Cleveland Neighborhood Progress , a partner in Chain Reaction, coordinated the neighborhood competition. Community development corporations (CDCs) representing ten Cleveland neighborhoods formally expressed an interest in hosting this competition, outlining location, economic development trends, recent successes, existing opportunities, and available real estate. Clark Fulton, Collinwood, and St. Clair Superior were the other finalists along with Slavic Village.
Slavic Village Development represents the Broadway/Slavic Village neighborhood, which is centrally located in the city and easily accessed from I-77. This community development corporation has achieved success in a variety of community and economic development initiatives across its service area. The CDC is focusing its efforts for Chain Reaction on Fleet Avenue and its surrounding areas. A complete and green streetscape was recently completed for Fleet, while new businesses have located on the street and the nearby housing stock is part of a larger Slavic Village Recovery home rehabilitation effort.
The investors and partners of Chain Reaction deliberated on this decision earlier this week. The investors narrowed it down to two neighborhoods, and ultimately selected Slavic Village as their preferred choice. All of the investors have agreed to move forward and value the opportunity to play a key role in this economic boost for Slavic Village.
Chris Alvarado, Executive Director for Slavic Village Development, is appreciative of the investors’ decision. “As a staff, we work hard to promote the amazing economic development opportunities that are available in Slavic Village. We are very excited to host Cleveland Chain Reaction and will work tirelessly to assist these five new businesses coming into our neighborhood this year.”
The announcement of the winning neighborhood will occur live Friday April 21st on Fox 8 morning news during Kickin’ it with Kenny segments.
Cleveland Chain Reaction is currently accepting applications for businesses who are interested in being considered as one of the final five companies who will work with our investors to grow a business in Cleveland’s Slavic Village neighborhood.
Learn more about Cleveland Chain Reaction at www.clevelandchainreaction.org.
About Cleveland Chain Reaction:
While inspired by Cleveland Hustles, The Cleveland Chain Reaction is an independent and unrelated effort with some of the same Clevelanders involved to support the continued economic development opportunity that Hustles sparked. Cleveland Neighborhood Progress is a local community development intermediary working to foster inclusive neighborhoods of choice and opportunity in Cleveland. COSE is a small business support organization providing Northeast Ohio business owners networking and educational events and programs, advocacy on legislative and regulatory issues and cost-effective group purchasing programs. GlazenUrban is a private community development company founded by Alan Glazen, who also served as an investor on Cleveland Hustles. It invests private funds in neighborhood commercial real estate, and in entrepreneurs proven ready to ramp up in those areas to create jobs, attract residents and visitors, and generate sustainable profitability.