The Cleveland Institute of Art Campus unification project is a perfect example of an institution and private developer partnership to optimize the economic opportunity for the private art school.
A thorough investigation was completed to determine that abandoning the prime East Boulevard site and consolidation operations at the McCullough Center site on Euclid Avenue provided the best opportunity for the CIA to move forward with its strategic plan. The project includes a 160,000 square-foot renovation of the historic Joseph A. McCullough Center Building , as well as, a new 60,000 square-foot addition. The addition will be constructed on a narrow strip of land acquired from University Circle, Inc. adjacent to the building.
The project includes Federal and State Historic Tax Credits as well as New Markets Tax Credits. The balance of the project funding came from various bank loans and charitable gifts.
The project will be Silver LEED certified and may be the first historic building in the region to receive this designation.
|Owner:||McCullough Center, LLC|
|Location:||11610 Euclid Avenue, Cleveland, OH 44106|
|Date of Completion:||May 2012|
|Tenants:||Cleveland Institute of Art|
|Primary Use:||School of Art and Design|
|Funding Sources:||New Markets Tax Credits – $6.36 million
Federal Historic Tax Credits – $6.04 million
State Historic Tax Credits – $4.06 million
Term/Bridge Loan – $12 million
Fundraising – $26.94 million