A company owned by billionaire Dan Gilbert has secured a permit from the U.S. Army Corps of Engineers for the reconstruction of bulkheads along the edge of the Cuyahoga River, a federal navigation channel. The approved work will be one of the first tangible pieces of Detroit-based Bedrock Real Estate’s huge Cleveland Riverfront Development Project.
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Because of their cost and complexity, Downtown Cleveland megaprojects don’t usually have a strong track record of becoming a reality. But Bedrock Real Estate’s vision for the downtown riverfront between Tower City Center and the Cuyahoga River appears to be coming together more quickly as time goes on. And, in recent weeks, NEOtrans has learned that several large tenants are in the works for the major development.
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After sitting empty for seven years, the space at Tower City Center that housed Hard Rock Cafe in downtown Cleveland finally will have a new restaurant with a new theme, possibly as early as this September. But it took an invitation from Bedrock Cleveland to consider the site at 230 W. Huron Rd. before the new restaurant’s partners decided to splashdown there.
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Billionaire Dan Gilbert can ride up and down Woodward Avenue in downtown Detroit and admire his work like no one else can. He can point at buildings like a kid checking out baseball cards in a collector’s showcase and say “got it, need it, got it, got it…”
Perhaps he and his real estate company Bedrock might have the opportunity to do that soon in downtown Cleveland, too. And while Euclid Avenue is our main street like Woodward is Detroit’s, most of Gilbert’s acquisitions in Cleveland are along Prospect Avenue and Huron Road. There are some other differences as well, which may offer the opportunity for seeing some more construction workers and cranes in downtown Cleveland. Thankfully, Gilbert can count his properties and his blessings as he is almost fully recovered from a 2019 stroke.
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There is increasing evidence that Bedrock Real Estate is advancing more quickly in developing its downtown Cleveland riverfront development vision despite earlier information that it would take a longer-term approach there. There simply is more visible activity happening there compared to a site in the Gateway District where real estate investments were reportedly in planning.
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Cleveland Cavaliers owner Dan Gilbert along with potential Cleveland Guardians’ minority owners, partners David Blitzer and Josh Harris, are reportedly joining forces on two huge, coordinated real estate developments that would transform downtown Cleveland between its central business district and the Gateway sports facilities.
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