Cleveland Port Authority Approves Financing for Key Urban Revitalization Efforts

This article was published through an exclusive content-sharing agreement with neo-trans.blog.

The Cleveland-Cuyahoga County Port Authority’s Board of Directors today approved financing actions supporting two of Cleveland’s long-proposed major redevelopment projects. And it also approved a land transfer today to advance the Irishtown Bend Park in Cleveland’s Ohio City neighborhood.

The riverfront park, plus the long-awaited transformation of the Warner & Swasey complex in MidTown and the historic Westinghouse Building in Detroit-Shoreway, represent significant investments by the Port of Cleveland in the urban core.

Port officials said these developments underscore the Port’s commitment to strengthening neighborhoods, expanding housing options, supporting equitable development, and delivering long-term public access to the Cuyahoga River.

“These approvals reflect the core of the Port’s development finance mission — using creative, flexible tools to bring catalytic projects to life,” said Rhonda Winslow, the Port’s vice president of development finance, in a written statement.

“From affordable housing in MidTown to historic restoration on the West Side, we are helping close financing gaps, attract private investment and strengthen Cleveland’s neighborhoods block by block,” she added.

Warner & Swasey Phase One

The board approved a capital lease financing for Warner & Swasey Phase I, a $63.3 million mixed-use, mixed-income historic redevelopment of the iconic former manufacturing plant, 5701 Carnegie Ave.

Vacant since 1985, Pennrose of Philadelphia and the nonprofit MidTown Cleveland Inc. will redevelop the 3.15-acre site which Pennrose acquired from the city on Sept. 26 for $2,236,134, according to Cuyahoga County property records.

Phase I will transform 194,000 square feet of the massive complex into 112 units of senior, family and workforce housing. Much of it will be affordable to 30-60 percent of the area’s median income (about $39,000 per household).

However, there will be workforce and market-rate apartments that will be affordable to those earning up to 120 percent of the area’s median income, according to a project summary from the Port of Cleveland.

Also in the first phase will be 80 surface parking spaces, an office and technology-oriented workspace aligned with workforce development, plus community amenities that support MidTown Cleveland’s long-term growth strategy.

The financing is coming together to allow for reconstruction work on this prominent historic structure to start in late 2025 and finish in late 2027. The developer is also finalizing a community benefits agreement with the City of Cleveland.

“It is clear that everyone wants this project to be successful and I am optimistic that we will be able to deliver a transformational project in Midtown — stay tuned,” said Geoff Milz, Pennrose’s director of development.

Westinghouse Redevelopment-1

The board also approved $25 million in taxable lease revenue bonds to support the $56.1 million redevelopment of the historic Westinghouse building, 1200 W. 58th St. This represents the first phase of redeveloping the 3.6-acre site.

The 1915-built, eight-story-tall former factory towers next to the West Shoreway near Edgewater Park. The 113,000-square-foot survivor of a multi-structure Westinghouse Electric campus, vacant since 2019, has been substantially cleaned up by The Krill Company of Cleveland.

In this first phase, the historic tower will be converted into 106 multifamily residential units including 10 workforce-rate units. Also, built atop and next to a 222-space, two-level parking structure will be a new, five-story mixed-use building called the Foundry Building.

In the Foundry Building set behind the historic façade of a 19th-century foundry, will be two floors of commercial space topped by three floors of multifamily housing, totaling about 30 apartments.

Roadway, pedestrian and bicycle infrastructure upgrades are planned, too. Port officials said construction is due to begin in the first quarter of 2026 and conclude in the third quarter of 2027.

The development partnership, organized as TW58 Cleveland LLC, includes the Trebilcock family, Patina Capital and Krill. They envision a future phase two at the west half of the site to be primarily residential. No plans have been submitted for that phase yet, however.

Irishtown Bend: Port Accepts Land

Lastly, the Board today authorized the transfer of four riverfront parcels donated by the Parma-based West Creek Conservancy, marking a pivotal step toward completing hillside stabilization and launching construction of the long-envisioned Irishtown Bend Park.

The Port has led a $60 million hillside stabilization effort since 2013, coordinating federal, state, and local partners to secure funding and prepare the site for public access. Construction work was kicked off in August 2023.

The newly transferred parcels are essential for the completion of stabilization work, compliance with federal and state grant requirements, plus a seamless transition to park construction. The transfers will give the Port a long-term stewardship of the riverfront.

Additional parcels acquired with Clean Ohio funds will be transferred separately to the City of Cleveland. Park development and construction of the Centennial Lake Link Trail will proceed in partnership with Cleveland Metroparks.

“Irishtown Bend has been more than a decade in the making, and today’s land transfer marks a true turning point,” said Linda Sternheimer, vice president of urban planning and development for the Port.

“With stabilization nearly complete, we can finally move from protecting the hillside to creating a world-class riverfront park,” she said.

Cost of building out all proposed features in the 23-acre park is estimated at $45 million. Nearly half of the total park funding is in hand, enough to start adding features and amenities to the park. More can be added as more funding is secured.

For more updates about Cleveland, sign up for our Cleveland Magazine Daily newsletter, delivered to your inbox six times a week.

Cleveland Magazine is also available in print, publishing 12 times a year with immersive features, helpful guides and beautiful photography and design.