CLEVELAND – June 12, 2025 – The Port of Cleveland’s Board of Directors today approved $92 million in financing to support three major development projects: two mixed-use housing developments in Cleveland totaling 355 residential units, and a new 136-room AC Marriott hotel at the former VA hospital site in Brecksville.

Together, the projects reflect the Port’s continued role as a catalyst for community revitalization and regional economic growth. Projects approved are:

· $35 million in tax-exempt revenue bonds inducement request for the Watterson Lake Apartments, for a new mixed-use affordable housing development by Bridging the Gap Development (BTG) at West 74th Street and Detroit Avenue. The project will include 136 units ranging from studios to four-bedroom apartments, all affordable to households earning 80% or less of the area median income. Thirty units will be under CMHA project-based voucher contracts. The building will feature 9,100 square feet of retail, a playground, and community meeting space. BTG, led by emerging developer Derrick Tillman, was selected by Enterprise Community Partners as part of its Equitable Path Forward initiative. The non-binding action is needed to acquire Low Income Housing Tax Credits. Full consideration and approval will be made at a later date.

· $32 million in taxable lease revenue bonds for construction of a six-story AC Marriott Hotel at Valor Acres in Brecksville—the ambitious redevelopment of the former Veterans Administration hospital site. The $42.9 million hotel will include 136 rooms and a rooftop bar, adding a key hospitality component to the 185-acre mixed-use campus, which includes offices, housing, retail, entertainment, and parking. Construction is expected to begin in July, with completion in early 2027. The hotel is planned by DiGeronimo Development LLC and Crawford Hoying LLC.

· Up to $25 million in taxable lease revenue bonds for the redevelopment of a former county garage site into Bridgeworks, a $82.5 million mixed-use project at the west end of the Detroit-Superior Bridge in Ohio City. Led by Michael Panzica and Graham Veysey, the project includes 219 apartments, a 199-space garage, and 1,200 square feet of retail. Construction is expected to begin soon, with completion projected in the second quarter of 2027.

“These investments reflect the Port’s commitment to using creative financing tools to advance transformative projects,” said Carl Naso, Port CFO. “Whether it’s affordable housing in our neighborhoods or hotel development on a former hospital site, we’re helping move catalytic projects forward while protecting public dollars and delivering long-term value to the region.”

Fueling Growth Across Cuyahoga County

Since 1993, the Port of Cleveland has provided over $5.4 billion in financing for close to 200 projects across Cuyahoga County and beyond, playing a pivotal role in the region’s economic transformation. The Port’s financing initiatives have consistently catalyzed growth, revitalized communities, and strengthened Northeast Ohio’s economic foundation. As demand for these services continues to rise, the Port remains a driving force behind strategic development that shapes the region’s future.