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Shaker Square tenants question Cleveland’s $12 million loan for business district

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The City of Cleveland will loan two non-profits $12 million to run, restore, and re-sell Shaker Square but some tenants say the historic shopping district is overvalued and question the city's involvement

CLEVELAND, Ohio - “The Square’s bigger than all of us,” said Edwin’s owner Brandon Chrostowski. “It’s truly the gateway to the East side, so Shaker Square’s a big deal.”

The former owner of Shaker Square, the Coral Company, foreclosed last March and a receiver has run the district for the last 13 months. But Chrostowski questions whether Cleveland should involve itself financially. Chrostowski said the property is valued at about $5 million and the bank has the property overvalued.

 

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