Port of Cleveland Approves Over $104 Million in Bonds for Transformative Projects
The Port of Cleveland Board of Directors recently approved more than $104 million in bonds to advance several transformative real estate projects across Greater Cleveland. These investments will help revitalize historic landmarks, expand housing options in key neighborhoods, and support continued downtown redevelopment — reinforcing the Port’s role as a catalyst for economic growth and community investment.
“We’re proud to help advance these projects — one of which will breathe new life into an iconic architectural landmark,” said Rhonda Winslow, Vice President of Development Finance for the Port of Cleveland. “The Port is an eager partner for developments that strengthen our neighborhoods and preserve community assets.”
The projects include:
Park Synagogue Redevelopment
The Port approved up to $20 million in lease revenue bonds to support the transformation of the historic Park Synagogue campus in Cleveland Heights into a vibrant education and arts center. The $42.2 million project — led by Sustainable Community Associates with Friends of Mendelsohn — will repurpose the Erich Mendelsohn-designed landmark with classrooms, performance and rehearsal spaces, and cultural facilities, including space leased by Oberlin College. The redevelopment will create more than 150 jobs and preserve one of Northeast Ohio’s most iconic architectural assets, with future housing planned on the 28-acre site.
Chester 82 Apartments (Hough)
The Port authorized up to $30 million in lease revenue bonds for Chester 82, a new 131-unit apartment community on East 82nd Street in Cleveland’s Hough neighborhood. Developed by Marous Development Group, the $31.7 million, five-story building will offer studio, one-bedroom, and two-bedroom units, along with indoor/outdoor parking and modern amenities such as a fitness center, package room, dog wash station, and outdoor amenity deck — supporting continued investment and residential growth along the Chester Avenue corridor.
West 26th Apartments (Ohio City)
To support ongoing housing momentum in Ohio City, the Port approved up to $20 million in bonds for a new 109-unit apartment development on West 26th Street. The $29 million project, co-developed by Revival Residential and Place Development, will feature a mix of junior one-bedrooms, one-, two-, and three-bedroom units, along with fitness and social amenities and a rooftop deck. The developers bring proven success, including leadership roles in the Van Aken District and INTRO Cleveland.
Erieview Tower Hotel (Downtown Cleveland)
The Port approved up to $25 million in bonds for the hotel portion of the $125 million conversion of Erieview Tower into apartments and a 210-key Marriott luxury hotel, downtown’s first luxury hotel brand since The Ritz-Carlton. This follows $55 million in Port financing approved in 2024 for the residential component. Led by Erieview Developer LLC and the Kassouf family, the project continues the tower’s repositioning into a premier mixed-use destination in the heart of downtown.
The Bell (Downtown Cleveland)
The Port also approved up to $9.2 million in taxable bond-fund bonds to reimburse a portion of redevelopment costs for The Bell, formerly the Ohio Bell building at East 9th Street. The $135 million conversion added apartments, retail, and office space, completed in 2024. By monetizing a City residential abatement through its bond fund — without using Port operating dollars — the Port is helping secure long-term fixed-rate financing for this downtown revitalization project.
In total, the Port’s fall approvals underscore its ongoing commitment to strengthening Northeast Ohio’s future. With more than $5.4 billion in development financing provided since 1993, the Port continues to fuel job creation, preserve community assets, and spark neighborhood revitalization across the region.