Transformational Mixed-Use Development

Bedrock Riverfront Wins Greater Cleveland’s only TMUD

It seems $100 million doesn’t go as far as it used to. At least it didn’t today when the Ohio Tax Credit Authority awarded $100 million in Transformational Mixed Use Development (TMUD) tax credits to just nine projects statewide. Northeast Ohio won two — Greater Cleveland got just one of those. And that was the last of four rounds of TMUDs authorized by the Ohio General Assembly unless some previous awards aren’t used and are made available.

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Erieview Tower redo faces setbacks

Despite winning $23 million in tax credits to enable a $100 million historic and transformational redevelopment of the Tower at Erieview, two major proposed tenants are reportedly backing out of the project. Conversion of the 1964-built, 40-story office tower and its Galleria mall, 1301 E. 9th St., into a mixed-use complex could be facing an uphill climb with the apparent withdrawal of a luxury W Hotel and co-working chain Industrious.

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Four NE Ohio projects win TMUD credits

In the first round of Ohio’s Transformational Mixed Use Development (TMUD) tax credit program, more than half of the major-city credits went to Cleveland. Today, more than half of those credits went to just two projects in Columbus. That left enough TMUD credits to benefit two projects in Cleveland — the Erieview redevelopment in downtown Cleveland and the Circle Square megaproject in University Circle. Unfortunately, that also meant that several other projects in Cleveland and Cuyahoga County were left out.

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Megaproject candidates — a partial list

While a complete list of applicants for so-called “megaproject” tax credits won’t be available until sometime next week, NEOtrans has learned who a few of the local applicants are and aren’t, including at least one surprise. The deadline was today at 5 p.m. for submitting applications to the Ohio Department of Development for the second round of Transformational Mixed Use Development (TMUD) tax credits that could total $100 million.

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