CLEVELAND, Ohio — A multi-million dollar renovation is currently underway at one of Cleveland’s most beloved historic spaces.

Fundraising efforts are well on their way to taking Ohio City’s West Side Market to the next level and preparing it for the future.

They expect the overall cost of the West Side Market renovations to be $68 million.

A transformation is underway at the Cleveland base facility.

West Side Market officials confirm they are closing in on the roughly $47 million in funding needed to start the first phase of the project in 2025.

They’re not there yet.

However, they emphasize that they are getting closer and that it has become a team effort.

“If we don’t really get to that $47 million, it’s really going to have to work with the new market tax credits, the investors. It’s about working with our project team and seeing if we can somehow sort of adjust things in a way that’s still attractive to them. But, you know, we’re really trying to make sure that, as close to the end of the year as possible, we meet those commitments,” said Rosemary Mudry, executive director of the Cleveland Public Market Corporation.

They hope to reach their benchmark goals by the end of the year through various gifts, grant applications and other funding sources.

Mudry confirms that the city of Cleveland has already committed $20 million to the project.

She says they also sought federal, state and local support.

Infrastructure work is at the heart of this project, including electrical, plumbing and basement coolers.

Mudry says that from an aesthetic standpoint and for public consumption, they are considering several improvements.

The East Arcade facing the car park will be renovated to make it the refreshed home of fresh produce sellers.

It will include highly anticipated HVAC upgrades.

The North Arcade, along the alley of West 25th Street, will eventually become a food hall.

She promises that this will happen after other upgrades are completed.

The basement will eventually be transformed into a commercial kitchen space.

The alley will be transformed into a courtyard with outdoor seating.

Mudry says the West Side Market team worked tirelessly throughout the summer and fall to launch fundraising efforts for the master plan.

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The next stage of the project is to raise the remaining funds, approximately $21 million, for its overall completion.

“We’re really excited, you know, to reach these milestones and we’re, you know, looking forward to being able to announce all kinds of other funding over the next year,” Mudry said.

You can also expect more seating, first floor restrooms, and other amenities to be added.

Parking revenue also played a crucial role in helping to fund the improvements.

Mudry points out that sellers won’t foot the bill for new capital improvements.

“It’s not something we would ever consider,” Mudry said.

Work to modernize the West Side Market is expected to begin in 2025.

News 5 will continue to follow and monitor each development.