Port approves more than $54 million in bonds to advance development projects in Cleveland; Board confirms Jeff Epstein as President and CEO
CLEVELAND – September 11, 2025 – The Port of Cleveland board of directors today formally approved the hiring of Jeff Epstein as the Port’s next president and chief executive officer. He will officially begin his role on October 15.
Epstein brings more than two decades of experience in economic development, public-private partnerships, and transformative urban investment. Most recently, he served as the City of Cleveland’s Chief of Integrated Development, where he oversaw four departments and nearly 300 staff advancing major redevelopment, infrastructure, and waterfront projects. More information is available here.
In addition, the board today approved more than $54 million in bonds for two new projects — a downtown hotel and an Ohio City apartment complex — as well as bonds to help reimburse a developer for a mixed-use project along East Ninth Street which was completed in 2024.
“The Port is using its unique economic development tools to assist these projects by closing financing gaps on these catalytic projects,” said Rhonda Winslow, Vice President of Development Finance for the Port.
The approved projects are:
- West 26th Apartments: The Port will issue up to $20 million in bonds for this $29 million residential project at 2120 W. 26th St. The development is a four-story, 109-unit apartment building with a fitness center, social lounge, and rooftop deck, among other amenities. Of the units, 34 will be junior one-bedrooms, 51 one-bedrooms, 22 two-bedrooms, and two three-bedrooms. The project is being co-developed by Revival Residential, recently founded by Luke Palmisano, who in a previous position led creation of the Van Aken District, and Place Development, founded by Dan Whalen, who in a previous position was responsible for leading development of INTRO Cleveland across from West Side Market.
- Erieview Tower Hotel: The Port approved up to $25 million in bonds for the hotel portion of the $125 million transformation of Erieview Tower, which is being converted into apartments and a 210-key Marriott hotel. This will be downtown Cleveland’s first luxury brand hotel since The Ritz-Carlton opened in Tower City. This is the second round of Port financing for Erieview Tower. In July 2024, the board approved up to $55 million in taxable lease revenue bonds for the residential portion of the plan. The project is being done by Erieview Developer LLC, owned by the Kassouf family and headed by internationally recognized developer James Kassouf.
- The Bell: The board approved up to $9.2 million in taxable bond-fund bonds to help reimburse developer Twain Financial Partners for a portion of the costs of redeveloping the former Ohio Bell office building at 45 E. 9th St. into apartments, and retail and office space. The $135 million project was completed in 2024. The Port is using its bond fund to monetize the residential abatement from the City so the developer can obtain long-term fixed rate financing through the bond fund. The bonds are purchased by an investor and no Port operating funds are used.
Since 1993, the Port of Cleveland has provided over $5.4 billion in financing for approximately 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.
About the Port of Cleveland
The Port of Cleveland is an economic engine for Northeast Ohio, driving job creation, global competitiveness, and waterfront vitality. As one of the largest ports on the Great Lakes, the Port connects our region to world markets through maritime trade, innovative development finance, and critical infrastructure projects.
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 of Cleveland 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 our community.