Coventry P.E.A.C.E. kicks off feasibility study
Coventry P.E.A.C.E. Campus kicked off a facilities feasibility study on May 7. Led by IFF, a mission-driven lender, real estate consultant and developer, that helps nonprofits renovate, own and operate their buildings, the study is one of three pilot projects the organization is conducting in Ohio—and the only one in Northeast Ohio. FutureHeights, and the other five nonprofit organizations housed in the former Coventry school building, seek to negotiate a land lease with Heights Libraries to purchase and renovate the 1970s-era structure, enabling more efficient operations to better serve the community. The $21,500 project will consist of analyzing the space requirements of tenant organizations; assessing the building’s condition; assessing market conditions and financial feasibility; and preparing operating pro formas and preliminary financing scenarios.
As a community development corporation, FutureHeights is facilitating the study, which is funded by grants from Fifth Third Bank and the Cleveland Foundation. Learn more on May 31 at The Art of Community event.