Port continues to finance transformational residential projects in Northeast Ohio

The Port of Cleveland’s development finance team is busy collaborating with developers and other ports to provide unique, competitive financing that most recently was used to help make possible a new Cleveland rental housing development and a mixed-use project that could help revitalize downtown Painesville:

• The Port is issuing up to $15 million in bonds for the $19.8 million Franklin Yard project. Located at the corner of Franklin Boulevard and West 32nd Street in Cleveland’s Ohio City neighborhood, it will include construction of a modern new three-story apartment building with 29 units and restoration of two nearby historic buildings that will create an additional 38 units.

• The $10.5 million 89th Rising Housing Development is the first modern market rate rental development in the central part of Cleveland’s Fairfax neighborhood. The development is planned by a company founded by Timothy L. Tramble Sr., president of We Rise Development, a resident of the Fairfax neighborhood and president and CEO of the Saint Luke’s Foundation. With the Port’s approval of up to $6 million in bonds, the initiative is poised to address vacancy and blight. The first phase will include 48 one- and two-bedroom rental units in six large structures designed to give the appearance of the Victorian houses that once anchored the street. Learn More

• The $33 million+ Grand River Walk is envisioned as a vibrant, mixed-use complex with 120 residential units, retail space and covered parking. The Port is committed to issuing up to $6 million in bonds for the project through their A- rated bond fund under a Cooperative Agreement with the Lake County Port Authority. Learn More

Beyond their maritime origins, port authorities have evolved into catalysts for comprehensive economic development, offering an array of benefits including speed of closing, confidentiality, off-balance sheet financing, sales tax exemption and flexible, competitive financing products.