Port approves up to $15 million in financing for new and historic Ohio City residential project

Cleveland – March 14, 2024— The Port of Cleveland Board of Directors has approved issuing up to $15 million in bonds for the development of a new residential project and rehabilitation of a historic building into residential in Ohio City.

The $19.8 million Franklin Yard project, located at the corner of Franklin Boulevard and West 32nd street, will include construction of a modern new three-story apartment building with 29 units and restoration of a former YWCA women’s residence and a mid-19 century mansion that will create an additional 38 units.  

The project is being developed by The Dalad Group of Independence in partnership with Property Advisors Group of Beachwood. The Dalad Group is a developer of office, industrial, retail and residential space. Their historic renovation projects in Cleveland have included the Hoyt Block featuring the Blue Point Restaurant, the Hat Factory apartments on West 6th and Worthington Yards in the Warehouse District.  Property Advisors Group developed the first office-flex projects in Independence’s Rockside Road business district, and most recently has been involved in historic redevelopment projects in Ohio City, Detroit Shoreway, Little Italy and Tremont.

Construction is expected to start in the second quarter of 2024, with planned completion in 2025.

Franklin Yard tenants will have access to several outdoor patios, an interior courtyard, a fitness room, a community living room and convenient storage areas. The historic rehabilitation aspect of the project was the recipient of federal and state historic tax credits.

“The Port is happy to partner with The Dalad Group and Property Advisors Group on this project,’’ said Rhonda Winslow, Vice President of Development Finance for the Port of Cleveland. “This project will revitalize a historic building and contribute to the ongoing revitalization of the historic Ohio City neighborhood.”

“The Port and its consultants have been very responsive and helped simplify a somewhat complex process,’’ said Daniel M. Spirko, General Counsel with Dalad Group. “We are in a challenging real estate market where every dollar matters. The Port’s program is certainly going to add value to the project and provide another piece to the puzzle.”

Port authorities in Ohio can offer an array of benefits in the real estate and economic development space. Since 1993, the Port of Cleveland has provided more than $5 billion to more than 160 projects in Cuyahoga County and beyond.