It’s been two years since the nonprofits Cleveland Neighborhood Progress and Burten, Bell, Carr Development purchased the east side shopping center Shaker Square to prevent an out-of-state buyer from swooping in.

Why it matters: The owners this week unveiled more than $5 million in recent investments, paid for with both public and private dollars, that have helped retain Dave’s Market as an anchor tenant, attracted a new coffee shop and positioned the retail hub for future purchase.

Flashback: The nonprofits secured a $12 million loan from the City of Cleveland to acquire Shaker Square after its foreclosure in 2020.

The goal was to “stabilize and reposition” on a five-year timeline, Cleveland Neighborhood Progress CEO and president Tania Menesse tells Axios, and to find an eventual buyer who would work in partnership with local stakeholders.
Driving the news: Dave’s Market has agreed to a six-year lease extension, with options to renew.

It’s getting $350,000 from the City of Cleveland and the Square’s nonprofit owners for renovations as part of the deal.
Plus: Melissa Garrett, who owns and operates UnBar Cafe in Larchmere, is set to open a new space — Cafe Indigo — in the former Dewey’s Coffee location in November.

She said at a press conference Monday that it will offer coffee, ice cream and sandwiches.