Cleveland Projects Secure $285M in Financing
The list includes new affordable housing and a downtown office-to-resi conversion.
The Port of Cleveland Board has approved up to $285 million in bond financing for three projects across Cleveland. The list includes an affordable housing community in the Hough neighborhood, a mixed-use tower in University Circle and the adaptive reuse of historic downtown buildings into rentals and hospitality.
Last year, the Port also approved $255 million in bonds for five major development communities across the region, representing more than $405 million in total investment. Those projects included residential, retail, office, hospitality and mixed-use components, and are slated to add at least 717 apartments across Northeast Ohio.
READ ALSO: New Bridges for Affordable Housing’s Financing Gap
While development of new rental housing is muted in metro Cleveland, there are some green shoots. As of February, Cleveland had 3,342 units under construction overall, according to a Yardi Matrix metro report, 20 percent of which were in fully affordable projects. As of early July, there were 13 fully affordable developments underway across Cleveland-Akron, the same data provider shows, seven of which are located in central submarkets.
Three multifamily projects across Cleveland
The first project to receive financing is a mixed-use residential and hospitality destination in downtown Cleveland. The adaptive reuse development dubbed Project Scarlet involves the historic Rose and Sloan buildings. The two structures were formerly occupied by Medical Mutual of Ohio, the city-designated landmark having been vacant since 2023.
Spark GHC III LLC is leading the redevelopment in partnership with Cleveland Construction, Berardi+ Partners and Vocon. The Port authorized a capital lease and up to $120 million in taxable lease revenue bonds for the project.
Another greenlit project is Gateway 66, an 80-unit affordable housing development planned on vacant land along East 66th Street. Woda Cooper Development Inc. and Frontline Development Group are part of the team.
Gateway 66 will include two four-story buildings. The Port approved a capital lease and up to $25 million in taxable lease revenue bonds for the development.
The next phase of Circle Square in University Circle also landed financing. The multifamily development calls for a 24-story mixed-use tower totaling nearly 433,000 square feet along Stokes Boulevard, between Euclid and Chester avenues. The first phase, a rental community dubbed The Artisan, opened in 2023 and reached 90 percent occupancy in the first year.
UC City Center LLC is developing the upcoming Circle Square tower in partnership with PCP Flow and PCP Voyager. The Port authorized a capital lease and up to $140 million in taxable lease revenue bonds for the new phase.
