Thompson Hine LLP and Project Management Consultants LLC (PMC) proudly announce the successful closing of a $53 million tax credit and grant financing package for Stage 1 of the Cleveland Public Market Corporation’s (CPMC) West Side Market Transformation Project. This milestone marks a major step forward in the $70 million revitalization of Cleveland’s iconic 113-year-old public market at 1979 West 25th Street in Cleveland, Ohio.
Engaged by CPMC in late 2023, Thompson Hine and PMC have helped the West Side Market transition from city management to an independent nonprofit operator and structured a complex public-private financial deal. The team secured approximately $17 million in net public incentives for the transaction, including federal and state New Markets Tax Credits, Federal Historic Tax Credits, bridge financing, Brownfield Remediation Grant funding and a sales tax exemption through the Cleveland-Cuyahoga County Port Authority.
“This project exemplifies how Thompson Hine and PMC can deliver seamless results from project conception through legal documentation, financing, design and construction,” said Robyn Minter Smyers, a partner at Thompson Hine and co-chair of the firm’s Site Selection practice group. “I know of no other single project that better demonstrates what our team can do. We’re proud to be long-term partners to CPMC, helping them realize their vision while supporting ongoing construction and restoration efforts at this beloved Cleveland landmark.”
Stage 1 improvements will include the rehabilitation of the East Arcade into a permanent produce vendor hall, construction of a new covered connector to the main market hall, redevelopment of the basement coolers and commercial kitchen, and significant structural and infrastructure upgrades such as updated mechanicals, asbestos abatement and mezzanine repairs. With the guidance of Annette Stevenson of Novogradac & Company LLP and support from other key players, CPMC successfully navigated a complex financing structure that unlocked over $14.6 million in net tax credits and grants for Stage 1 of the redevelopment project. An additional $2.4 million in net tax credits and grants is already lined up for Stage 2 of the project.
“We are thrilled to have helped CPMC’s stellar team secure over $15 million of grants and tax credits and over $10 million of bridge loans for their West Side Market Transformation plan,” said Ken Kalynchuk, Director at PMC. “PMC is honored to be a part of this incredible project, which will allow CPMC to manage the market into its next century of success as an anchor in our community.”
In addition to financing, PMC provided critical owner’s representation services. Jeffrey R. Appelbaum, Managing Director of PMC said, “Our project consultants are able to bring their many decades of experience with restoring historic properties to bear on this project. As owner’s representative, PMC is working with CPMC every step of the way - guiding the budgeting and construction process, overseeing compliance, and managing project milestones.” Steve Zannoni, a director of PMC, helped establish the groundwork for project readiness in its early stages, and PMC project consultant Christopher Panichi skillfully managed the contractor and design team RFP process, coordinated National Park Service compliance requirements and helped steer the project to meet a tight April 15 funding deadline.
The City of Cleveland was an invaluable partner throughout the transaction—from undertaking the initial Redevelopment Master Plan, committing more than $23 million in grant funding and collaborating closely with Thompson Hine and PMC to navigate complex legal agreements and ensure the project met its critical tax credit closing deadline.
The 83,659-square-foot renovation of the landmark-listed market will also introduce new vendor spaces, a demonstration kitchen, bar, event space, dining areas and an outdoor courtyard—enhancing both the customer and vendor experience. Thompson Hine and PMC are proud to have helped structure this complex deal on behalf of CPMC.