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The Port of Cleveland board of directors today approved bonds for five major development projects in four communities across the region — Berea, Cleveland, Lakewood and Richmond Heights. The total investment from the developments in these communities total more than $405 million.
The five developments include a large mixed-use project in Berea called District 46, adjacent to the Cleveland Browns training facility; transformation of the former Lakewood Hospital site into a new residential and retail hub called Lakewood Common, and two new mixed-use housing developments on Cleveland’s West side.
“Together, these projects represent continued momentum for job creation, housing expansion and neighborhood investment,” said David Gutheil, interim president and CEO of the Port of Cleveland, in a written statement.
The approved projects are:
6400 Herman Avenue in Cleveland’s Gordon Square: This $31.96 million project involves demolishing an existing vacant industrial building at 6400 Herman Ave. in Cleveland’s Gordon Square neighborhood and constructing a four-story, 128-unit apartment building along with a co-working area and 129 parking spaces. The rents will be market rate.
District 46 at CrossCounty Mortgage Campus in Berea: Up to $95 million in taxable bonds for Cross Country Mortgage Campus in Berea, on property around the Cleveland Browns current practice facility and team headquarters. Construction is expected to start this month.
The $151.1 million mixed-used project will include a 145 room Marriott hotel, about 160 apartments, and office and retail space centered around a 7,000 seat community field/stadium with about 950 parking spaces. The project is planned by DiGeronimo Companies Berea Development, LLC, which is partnering with HSG Berea Development, an affiliate of Haslam Sports Group.
Lakewood Common in Lakewood: Bell Avenue Partners will construct a mixed-use community at 14501 Detroit Ave. in Lakewood, at the former site of the Cleveland Clinic Lakewood Hospital. Construction is expected to start this month on the $113.36 million project, which is getting up to $75 million in lease revenue bonds via the Port. The project will include 293 multifamily housing units, retail/office space, a 536-space parking garage, 31 surface parking spaces and a new plaza space.
Bell Avenue Partners is led by Columbus-based CASTO and North Pointe of Mayfield Heights. The project will include both new construction and the renovation of the historic Curtis Block. The 5.7-acre site is bounded by Detroit Avenue to the north, Marlowe Avenue to the east and Belle Avenue to the west.
This project will literally fill a huge void in Lakewood’s traditional, walkable downtown since the hospital was closed in 2016 and demolished five years ago. The site was excavated for a previous attempt at developing it, leaving a low spot in its middle that’s derisively been called “The Pit.”
Belle Oaks Marketplace in Richmond Heights: This project is part of a $285 million development at the former Richmond Town Square Mall site. The board approved up to $20 million in taxable lease revenue bonds for a $20.6 million multi-family residential three floor apartment building, with ground floor retail.
The mall has already been demolished and site preparation is complete. Construction is expected to start later in the year. Belle Oaks Marketplace is being developed by DealPoint Merrill, a 40-year-old real estate company based in Los Angeles.
Watterson Lake Apartments in Cleveland: Up to $35 million in tax-exempt revenue bonds were approved for this new mixed-use affordable housing development by Bridging the Gap Development (BTG) at West 74th Street and Detroit Avenue. The $88.2 million project will include 136 units ranging from studios to four-bedroom apartments, all affordable to households earning 80 percent or less of the area median income.
Thirty units will be under CMHA project-based voucher contracts. The building will feature 9,100 square feet of retail, a playground, and community meeting space. BTG, led by emerging developer Derrick Tillman, was selected by Enterprise Community Partners as part of its Equitable Path Forward initiative. Last month, the board took a non-binding action on the project for it to acquire Low Income Housing Tax Credits.
“The Port of Cleveland is proud to assist in the development of these five transitional projects in our region,” said Port Chief Financial Officer Carl Naso.
These projects are expected to generate $2.9 million in fees for the Port, of which $290,000 will go to the Port’s Community Investment Fund, which reinvests 10 percent of development finance revenues into neighborhood and workforce development.
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