Port of Cleveland Board Approves Financing to Advance More Than $200 Million in Housing and Mixed-Use Investments Across Northeast Ohio

CLEVELAND , OH — In addition to the Economic Growth Fund, the Port of Cleveland Board also approved financing actions supporting three development projects that will expand affordable housing, advance mixed-use development, preserve a historic Downtown Cleveland landmark and increase access to senior care facilities across Northeast Ohio.

In Cleveland’s Hough neighborhood, the Board approved financing for Gateway 66, a new mixed-income residential development that will bring 80 affordable housing units to approximately 1.6 acres of vacant land on East 66th Street. Developed by Woda Cooper Development, Inc. and Frontline Development Group, LLC, the project will include two four-story elevator apartment buildings totaling more than 82,000 square feet. Located near major employers and community assets, including University Hospitals, the Midtown Tech Corridor, the Cleveland Foundation, League Park, Fatima Family Center and Dave’s Market, the development is designed to increase access to quality housing while supporting neighborhood revitalization. The Port approved a capital lease and the issuance of up to $25 million in taxable lease revenue bonds, a financing structure expected to generate approximately $541,000 in sales tax savings on construction materials.

The Board also approved financing for the next phase of the Circle Square development in University Circle. The project includes construction of a 24-story mixed-use tower totaling nearly 433,000 square feet along Stokes Boulevard between Euclid and Chester avenues. Developed by UC City Center, LLC, in partnership with PCP Flow and PCP Voyager, the project builds on the success of the first phase, The Artisan, which reached 90% occupancy within its first year after opening in 2023. The Board authorized a capital lease and up to $140 million in taxable lease revenue bonds, creating an estimated $2.7 million in sales tax savings that will help support continued investment in one of Cleveland’s fastest-growing mixed-use districts.

In Downtown Cleveland, the Board approved financing for Project Scarlet, an adaptive reuse project that will transform the historic Rose and Sloan buildings, the former Medical Mutual of Ohio headquarters, into a mixed-use residential and hospitality destination. The city-designated landmark has remained vacant since 2023, and redevelopment efforts are already underway following the issuance of demolition permits. Led by Spark GHC III, LLC in partnership with Cleveland Construction, Berardi+ Partners and Vocon, the project represents another significant investment along the rapidly evolving East 9th Street and Prospect Avenue corridor. The Board authorized a capital lease and the issuance of up to $120 million in taxable lease revenue bonds, supporting an estimated $1.4 million in combined sales tax savings for the residential and hotel components of the project.

Collectively, these approvals demonstrate the Port’s continued commitment to leveraging innovative financing tools that help bring transformative projects to fruition, strengthen communities and expand economic opportunity throughout Northeast Ohio.

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.