5th Street Arcades

5th Street ArcadesCity of Cleveland Department of Economic Development

Located in the heart of Downtown Cleveland along one of Euclid Avenue’s most prominent stretches, the former Colonial and Euclid Arcades were largely vacant and underutilized as a retail destination.

In 2013, Cumberland Development re-branded and redeveloped this historic building, taking space that was over 40 percent vacant in 2012 to near-100 percent occupancy today by local retailers and start-up businesses.

Over the past year, the 5th Street Arcades have become a retail incubator in Downtown Cleveland.

Grants provided by the Charter One Retail Grant Competition, Bad Girl Ventures and target="_blank"Downtown Cleveland Alliance, as well as creative financing through Cleveland’s Neighborhood Retail Assistance Program, reduced the risk of these startup businesses and contributed to the revitalization of the Arcades.

In order to assist with the renovation and rebranding of both entrances at Euclid Avenue and Prospect Avenue, Cumberland applied for and received two $40,000 Neighborhood Retail Assistance Program loans, which leveraged approximately $200,000 in total project costs and investment into the Arcades’ structure.

The Euclid Avenue project consisted of the complete renovation of the entrances to the Arcades with new signage and branding. It also included funding for seating equipment and furniture that occupies the common area of the Arcades. The Prospect Avenue entrance project included the repainting of the entrance and new signage to accompany the new 5th Street Arcades image.

This investment has not only injected new life into Downtown, but it also played a critical role in assisting retail development in Cleveland's Downtown by providing affordable and attractive space that clusters “retail” entrepreneurship.