Cleveland Flats Project Gets Funding

The much talked about development on the east bank of the Flats in Cleveland has received approval from the Cuyahoga County Port Authority for $34 million worth of authority-issued bonds.

The Cuyahoga River in Cleveland, Ohio is expected to welcome an eighteen story office building, 150-room hotel, parking garage, fitness location, shops and restaurant. The projects first phase will start at W.10th and Main Avenue.





FORUM Architectural Services LLCA rendering of the proposed
18-story office tower from West 10th Street and Main Avenue
in the Flats on the east bank of the Cuyahoga River.
Photo courtesy of Cleveland.com

The Flats development project is estimated to cost a total of $278 million. This bond approval was one of the last steps in finalizing the financing. Still to come is the contribution from HUD (US Dept. of Housing and Urban Development.) Along with private financing, it should be finalized within two months according to the representatives of Fairmount Properties and the Wolstein Group.

Many of us have anticipated the revitalization of the Cleveland Flats. While Cleveland condos, living space and the warehouse district downtown has seen much improvement over the last so many years, with the help of tax abatements and incentives, the memories and desire to return to our waterfront for dining, lounging, evenings out and once again spoiling visitors, hasn't gone away. This addition to the east bank of the Flats is expected to include a public park, beach and a thousand-foot boardwalk.

There have been voices in Cleveland supporting the growth and some who worry about funding. With the casinos on their way to the Cleveland, Ohio area, this aspect of the Flats expansion, development and funding is likely needed and hopefully will attract tourists, local residents and new businesses to Northeast Ohio area.