Port of Cleveland Board Approves Financing for Cosm Entertainment Destination, Belle Oaks Redevelopment

CLEVELAND , OH — The Port of Cleveland’s Board of Directors today approved major development finance initiatives that will support transformative projects across Northeast Ohio, reinforcing the region’s continued momentum in housing, entertainment, infrastructure, and public service investment. 

Among the projects approved were financing initiatives supporting the construction of the immersive entertainment destination Cosm in downtown Cleveland and the continued redevelopment of Belle Oaks Marketplace in Richmond Heights. 

Cosm Entertainment Venue 

The Board approved financing for Cosm, a 70,300-square-foot immersive entertainment and technology venue planned for 507 Huron Road in downtown Cleveland. Developed by Prospect Avenue Acquisition LLC, a Bedrock affiliate, in partnership with Cosm, the project will transform a surface parking lot into a major entertainment destination connecting Rocket Arena and East 4th Street. The $86.5 million project is expected to create approximately 300 jobs and establish Cleveland as one of only five U.S. cities with a Cosm venue. The development will feature an immersive 8K+ LED dome experience, hospitality and event spaces, and public infrastructure improvements including streetscape enhancements and a two-way cycle track. 

Belle Oaks Marketplace Redevelopment 

The Board approved financing related to Phase 1B of the $285 million Belle Oaks Marketplace redevelopment in Richmond Heights, led by DealPoint Merrill, LLC. The project continues the transformation of the former Richmond Town Square Mall into a mixed-use “Thoughtful Living Community” and includes construction of two multifamily residential buildings totaling 116 units across approximately 168,000 square feet. 

The redevelopment is expected to support approximately 1,400 construction jobs and 500 permanent retail and service positions while attracting new residents to the area. Community amenities include a five-acre nature and hiking park and a 20,000-square-foot community center. The project also supports recovery of delinquent taxes benefiting local municipalities and schools. 

About the Port of Cleveland

The Port of Cleveland is a key economic driver for Northeast Ohio, generating over $7 billion in annual economic activity and supporting more than 23,000 jobs. As a leading hub for international and Great Lakes shipping, the Port handles roughly 12 million tons of cargo each year. Established in 1968, the Port also advances regional growth through infrastructure improvements, shoreline resiliency projects, and development financing that supports both public and private investments. Guided by a nine-member board, the Port’s mission is to foster job creation, economic vitality, and global competitiveness for the Greater Cleveland region.

For more information on the Cleveland-Cuyahoga County Port Authority, visit www.portofcleveland.com.