Set on the northeast corner of Huron Road and East 4th Street in Downtown Cleveland, Cosm’s multiple-daily shared reality offerings are expected to attract three quarters of a million visitors per year (Rossetti). CLICK IMAGES TO ENLARGE THEM.
Port supports $371.5M in projects underway
The Port of Cleveland’s Board of Directors today approved major development finance initiatives that will support transformative projects across Northeast Ohio, reinforcing the region’s continued momentum in housing, entertainment, infrastructure, and public service investment.
Among the projects approved were financing initiatives supporting the construction of the immersive entertainment destination Cosm in downtown Cleveland and the continued redevelopment of Belle Oaks Marketplace in Richmond Heights.
The Port’s board approved financing for the $86.5 million development of Cosm, a 70,300-square-foot immersive entertainment and technology venue planned for 507 Huron Rd. in the Gateway District of Downtown Cleveland. Ground was broken for the project several weeks ago.
After it is scheduled to open in July 2027, the venue expects to attract 750,000 visitors per year — or nearly as many people who go to Cleveland Browns games and other events at Huntington Bank Field.
Construction was underway for the new Cosm in Downtown Cleveland two weeks before the April 16 formal groundbreaking ceremony was held (Rock Entertainment).
Developed by Prospect Avenue Acquisition LLC, a Bedrock affiliate, in partnership with Cosm, the project will transform a surface parking lot into a major entertainment destination connecting Rocket Arena and East 4th Street.
The project is expected to create approximately 300 jobs and establish Cleveland as one of only five U.S. cities with a Cosm venue. The other four are Los Angeles, Dallas, Atlanta and Detroit. Cleveland’s will have at 100-foot dome — the largest LED dome Cosm has planned yet.
The development will feature an immersive 12K-resolution LED dome experience, hospitality and event spaces, and public infrastructure improvements including streetscape enhancements and a two-way cycle track.
The Port’s board also approved financing related to Phase 1B of the $285 million Belle Oaks Marketplace redevelopment in Richmond Heights, led by DealPoint Merrill, LLC, based in suburban Los Angeles.
The massive Belle Oaks Marketplace redevelopment of the former Richmond Town Square Mall in suburban Richmond Heights continues to be supported by the Port of Cleveland (Bialosky).
It’s the second financing package this year approved by the Port for Belle Oaks. In February, 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 two buildings.
The project continues the transformation of the former Richmond Town Square Mall into a mixed-use “Thoughtful Living Community” and includes construction of two multifamily residential buildings totaling 116 units across approximately 168,000 square feet.
The redevelopment is expected to support approximately 1,400 construction jobs and 500 permanent retail and service positions while attracting new residents to the area.
Community amenities include a five-acre nature and hiking park and a 20,000-square-foot community center. The project also supports recovery of delinquent taxes benefiting local municipalities and schools.
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