The Port of Cleveland today approved the issuance of more than $171 million in bonds and notes for four transformative projects, including the pivotal first new development in Bedrock’s Riverfront project along the Cuyahoga River and a major affordable housing renovation in downtown Cleveland, among other strategic initiatives.
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The Cleveland-Cuyahoga County Port Authority’s board of directors today approved $170 million in bond financing to fuel a series of high-impact projects, including a large redevelopment of land that contained a former Veterans Administration facility, a major manufacturing expansion, and refinancing bonds for a nonprofit school that will free up more resources for more renovations.
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Today, the Cleveland-Cuyahoga County Port Authority’s board approved $144 million worth of financing toward development projects with a combined price tag totaling $206.1 million. The projects include one new-construction residential tower near Edgewater Park, one renovated and converted Downtown Cleveland office tower, and a major expansion and renovation of middle school facilities in Shaker Heights.
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Last month, the Cleveland-Cuyahoga County Port Authority awarded nearly $1 million for design work to reconstruct the iron ore conveyor system at the Cleveland Bulk Terminal on Whiskey Island. This month, the Port of Cleveland got a big chunk of the funding necessary to carry out the reconstruction work over the next two years.
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Two major, multi-family residential projects, one in Cleveland and the other in Mayfield Heights, got their financing packages approved today by the Cleveland-Cuyahoga County Port Authority. About $47 million in revenue bonds were approved for the two projects which represent a combined investment of $65 million.
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In the coming weeks, the U.S. Coast Guard is expected to establish safety zone requirements for the barge-based installation of steel-wall bulkheads along the edge of the Cuyahoga River at Irishtown Bend in Cleveland. Those requirements will likely result in the daily closure of the river channel to commercial shipping for hours at a time but leisure and recreational boating is not expected to be significantly affected.
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Today the Cleveland port authority’s board of directors approved the hiring of an Ohio construction company for nearly $60 million to stabilize and rehabilitate the Irishtown Bend hillside, a project that is being done foremost to maintain the Cuyahoga River shipping channel. But the work also must be done before any construction can start on the 23-acre Irishtown Bend Park in Cleveland’s Ohio City neighborhood.
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When Sherwin-Williams (SHW) finalized a deal last month with Florida-based Benderson Realty Development Co. to buy a big stake in its new global headquarters, the conversations reportedly began with different intentions. According to sources who spoke on the condition of anonymity, those intentions were both more modest and more grand, depending on how one looks it, and could play out further over the coming year.
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In a project beset with hurdles — primarily centered around money — the effort to move forward on developing the 23-acre Irishtown Bend Park in Cleveland’s Ohio City neighborhood got a big financial boost today. That boost came from a $5 million challenge grant from the Jack, Joseph and Morton Mandel Foundation. If enough donations are received by the end of 2024 to match the challenge dollar-for-dollar, it could generate up to $10 million.
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Yesterday in Baltimore, Treasurer of the United States Chief Lynn Malerba awarded $5 billion worth of New Market Tax Credits (NMTC) nationwide, with $80 million of that to support real estate development projects Greater Cleveland. The projects are intended to be transformative by attracting private investment to create jobs in underserved communities.
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