Port of Cleveland to Provide Bond Financing for Fairfax Market

Cleveland, OH (November 10, 2021) – The Cleveland-Cuyahoga County Port Authority (Port of Cleveland) Board of Directors unanimously approved financing for the newly announced Fairfax Market project. This project is part of the Innovation Square Fairfax Renaissance Plan for Fairfax Renaissance Development Corporation (FRDC). The plan, to be developed on the 2.9 acres located at E. 105th Street and Cedar Avenue, comprises:

• 1st floor: A 40,000 sq. ft. grocery store
• 2nd-5th floors: Residential units
• 200-space parking garage

Of the total project cost ($59m), the Port of Cleveland will provide privately placed bond financing that raises $37m. Project partners include FRDC and Cleveland Clinic (who will support apartment leasing), in partnership with Meijer who will be entering the urban Cleveland market with this location. Cleveland-based Fairmount Properties will develop the project.

“This is exactly the type of project that is needed to support current residents,” said Pat Ramsey, Chair of the Port of Cleveland Board of Directors. “It fills a critical need in the marketplace and community while adding essential workforce housing to support our region’s largest job center. Overall, this is a transformative project for the Fairfax neighborhood.”