The massive Belle Oaks Marketplace redevelopment of the former Richmond Town Square Mall in suburban Richmond Heights got a big boost yesterday with new financing from the Port of Cleveland (Bialosky). CLICK IMAGES TO ENLARGE THEM.
Financing to support multiple developments
The Port of Cleveland Board of Directors yesterday approved a series of major actions that provided $82 million in financing for redevelopments across Northeast Ohio, enhancements to regional public safety infrastructure, and continued progress under the Port’s federally funded clean energy initiatives.
The board advanced several development finance projects across the region. Directors approved the issuance and sale of bonds supporting the ongoing transformation of the former Richmond Town Square Mall into Belle Oaks Marketplace, a $285 million, 70-acre mixed-use redevelopment led by Belle Oaks Marketplace, LLC.
The board authorized up to $10 million in Phase 1A infrastructure bonds and up to $46 million in lease revenue bonds for the construction of Buildings 6 and 7, continuing the Port’s long-standing partnership on this multi-year redevelopment initiative.
In support of regional public safety improvements, the board approved a tax-exempt bond issuance for the Chagrin Valley Dispatch Council to renovate and equip a 75,000-square-foot facility at 7887 Hub Parkway, Valley View. The Center serves 38 municipalities in Greater Cleveland.
The $15 million project will create a consolidated, state-of-the-art 24/7 emergency dispatch center, relocating from Bedford. Financing is expected to close on or about April 16, with occupancy planned for late 2026 or early 2027.
The Chagrin Valley Dispatch Council will renovate and equip a portion of this building on Hub Parkway in Valley View for its emergency dispatch center (LoopNet).
Additionally, the Board authorized approximately $10.6 million in non-rated tax-increment-financing bonds to provide infrastructure funding for a portion of a $100 million development in the 3800 block of Rockside Road in Seven Hills led by LSB Seven Hills, LLC. It is a partnership of PulteGroup, Carrington Homes and others.
The 52-acre mixed-use development includes a new 60-bed Nobis Rehabilitation Hospital, 150 new residential units called The Bluffs, retail and restaurants led by a Cooper’s Hawk Winery & Restaurant and significant public infrastructure improvements such as roads, storm sewers, and district-wide site preparation.
“These actions reflect the Port’s commitment to sustainable operations, economic growth, and strategic investment in the future of Northeast Ohio,” said Jeff Epstein, president & CEO of the Port of Cleveland in a written statement.
“By supporting major development projects and advancing our clean energy initiatives, we continue to strengthen the region’s competitiveness and quality of life,” he added.
Beyond the major development finance projects, the Board also moved forward with two clean energy initiatives. As part of the Port’s clean energy plan, the Board approved two major equipment purchases.
Site preparation is well underway at the LSB Seven Hills development site on Rockside Road in Seven Hills. The 52-acre site is located just east of Crossview Road, a residential street (MyPlace.CuyahogaCounty.gov).
The first is with Taylor for two fully electric reach stackers—large machines used to move cargo containers and other cargoes. These new units will be manufactured at their plant in Louisville, MS and come with long-term warranties, advanced 360-degree pedestrian detection for safety, and powerful batteries designed to support a full day of operations.
Taylor’s local equipment representative is Gallo Equipment, based in Brook Park, OH. Taylor will also provide specialized attachments that allow the machines to handle a variety of cargo.
The second clean energy purchase is with BILA, Inc., based in Indianapolis, and includes 2,672 high-efficiency solar panels. These panels are expected to generate an output of 2.15 megawatts of clean electricity each day, enough energy to power an electric car for about 8,000 miles or keep a refrigerator running for five years.
The solar array is designed to provide consistent power in all weather conditions, support future expansion, and help the Port reduce emissions for decades to come. The equipment carries long-term product and performance warranties. Both equipment purchases meet federal “Buy America Build America” standards.
END
