A historic staple of Cleveland’s North Collinwood community is getting a second chance through continued community development by Northeast Shores Development Corporation and financing by IFF.
The long vacant LaSalle Theater, built in 1927, will undergo renovations to turn the large, single-screen theater, storefronts, and apartment space into a multi-use facility. The $4 million project will provide a much-needed event space to be used daily for arts events, private gatherings, and community meetings, as well as five units of affordable housing and commercial storefront space for small businesses.
The theater renovations are part of Northeast Shores’ overall strategy, which includes repurposing important properties on key commercial corridors. Renamed the LaSalle Arts and Media Center, the theater plays an important role in the ongoing investment in the neighborhood.
By providing $1 million in financing, IFF will fill a gap no other lender in the market was willing to address and keep the project moving along to avoid the loss of grant funds. The IFF loan will provide funds to leverage state and federal historic tax credits and grant proceeds.
LaSalle Theater’s restoration marks IFF’s fourth project with Northeast Shores Development Corporation, an organization focused on comprehensive community development and creative place-making. Previously, IFF financing has supported other projects promoting the arts within the community, including the conversion of an abandoned building into working and living space for artists, and renovations to create a mixed-use development with a gallery, coffee shop, and housing for artists.