Miles SmithThe Port of Cleveland is investing $97 million in advancing redevelopment projects that will add 300 new apartments to the greater Cleveland, Ohio area.
Projects include the redevelopment of a historic Ohio City property, the redevelopment of an old auto dealership in Lakewood and the construction of a new 51-unit senior living facility and library facility on Cleveland’s west side. Construction will include commercial and community spaces, the Port of Cleveland said.
Funding sources for the projects recently approved by the Port of Cleveland board include financing, sales tax savings and Property Assessed Clean Energy (PACE) bonds.
“The Port Authority continues to be a pivotal force in advancing redevelopment across the Cleveland region,” J. Stefan Holmes, Port board chair said. “We are proud to support these projects that will transform key sites, create much-needed housing, and enhance our communities.”
Funding includes:
- $51.6 million to convert the Voss Aerospace Building in Ohio City into a residential space that will include 129 apartments, 8,000 square feet of commercial space, 5,000 square feet of residential and restaurant space and parking for 122 cars. The Port will partner with Rauch & Lang Carriage Company.
- $24.4 million in lease revenue bonds to convert a former auto dealership on Detroit Road in Lakewood into two four-story, mixed-use buildings with 124 apartments. The total cost of the project is $30.5 million.
- $21.2 million to build Karam Senior Living on Detroit Avenue in West Cleveland. The project includes building a new branch of the Cleveland Public Library. The port will partner with Northwest Neighborhoods CDC and Salus Development LCC.
Photo courtesy Tim Evanson, CC BY-SA 2.0 https://creativecommons.org/licenses/by-sa/2.0, via Wikimedia Commons
