Port of Cleveland Approves Capital Lease Revenue Bonds for Redevelopment of Former Richmond Mall Site and Historic Old Brooklyn Bank Buildings

CLEVELAND — December 11, 2025 — The Cleveland-Cuyahoga County Port Authority Board of Directors today approved $55 million in bonds for apartments and retail space at the site of the former Richmond Mall in Richmond Heights and $6 million in bonds for new housing planned for Cleveland’s Old Brooklyn neighborhood. The Board also advanced the Port’s decarbonization strategy with approval of a new contract for electric-vehicle charging systems, charger management software, and long-term maintenance services.

“By leveraging the Port’s development finance tools, we are helping bring new residents, new investment, and new life to communities from Richmond Heights to Old Brooklyn,” said Rhonda Winslow, Vice President of Development Finance for the Port of Cleveland.

Belle Oaks Marketplace: Transforming a Former Mall into a Mixed-Use Residential Community

The Belle Oaks Marketplace redevelopment will convert the former Richmond Mall site—currently a non-tax-generating property—into a vibrant mixed-use community expected to bring 1,100 to 1,900 new residents to the city. The project is projected to create more than 1,400 construction jobs and approximately 500 permanent jobs in future stores, restaurants, and businesses.

The Belle Oaks approval is for two buildings:

• $25 million in bonds for a nearly 130,000-square-foot multi-family residential building including 84 market-rate apartments over four floors, with about 8,700 square feet of ground-floor retail space. Construction on the $30.5 million building is expected to start by the end of this year.
• $30 million in bonds for a 178,000-square-foot multi-family residential building with 97 market-rate units over four floors, with a clubhouse and amenity space. Construction on the $41.7 million building is also expected to begin by the end of this year.

Belle Oaks is being developed by DealPoint Merrill, a Los Angeles–based firm specializing in retail conversions and large-scale adaptive reuse projects across the United States.

Pearl Road Residences: Restoring Historic Old Brooklyn Structures for Modern Housing

The Board approved $6 million in Port bonds for Pearl Road Residences, an $8.9 million redevelopment that will convert two former bank buildings—both listed on the National Register of Historic Places—into new housing. Located on Pearl Road near Memphis Avenue, the buildings date back to 1930 and were connected by a basement tunnel in 1949.

The project will create:

• Five rental townhomes
• 24 apartments
• Approximately 12 units leased below 100% of Area Median Income
• Parking, pickleball courts, a dog park, and tenant amenity space

TurnDev, a Beachwood-based developer specializing in historic rehabilitation and urban redevelopment, is leading the project. Construction is scheduled to begin this month.

Port Approves Purchase of Electric Vehicle Charging Systems, Software, and Maintenance Services

As part of the Port of Cleveland’s aggressive decarbonization strategy, the Board approved a contract for new electric-vehicle charging systems, charger-management software, and long-term maintenance services. These upgrades are essential to preparing Port facilities for an emission-free future and ensuring that next-generation electric cargo-handling equipment can operate efficiently and reliably.

Following a competitive bid process, the Port recommended contracting with LilyPad EV LLC, an experienced national provider of electric-vehicle charging solutions. The Board approved $816,859 for hardware, software, installation, testing, commissioning, and maintenance—funded through the Port’s $94.6 million U.S. EPA Clean Ports grant.

The charging systems will support the Port’s transition to battery-electric forklifts, reach stackers, tugboats, and an electric mobile harbor crane, along with future shore-power capabilities.

This investment supports the Port’s broader mission to reduce greenhouse-gas emissions, improve local air quality, modernize maritime infrastructure, and ensure that Cleveland’s working waterfront remains competitive, resilient, and community-focused for decades to come.

About the Port of Cleveland

The Port of Cleveland is a leading multimodal transportation hub and economic development authority for Northeast Ohio. The Port invests in projects that strengthen the region’s global competitiveness, support job creation, and enhance the vitality of Cleveland’s waterfront and neighborhoods.

Each year, roughly 13 million tons of cargo move through Cleveland Harbor, supporting more than 23,000 jobs and generating over $7 billion in economic impact. The Port is the only local government agency solely dedicated to spurring economic growth in Cuyahoga County—building a stronger economy, a more resilient waterfront, and a brighter future for the region.