CLEVELAND — The city of Cleveland and Bedrock have put the framework together for the $3.5 billion Cuyahoga Riverfront development project.
On Monday, Cleveland City Council approved a master development agreement (MDA), which the city says aligns with Bedrock's Cuyahoga Riverfront master plan, which was first unveiled in December of 2022. The multi-year plan, "a 15-to-20-year vision," reimagines and transforms 35 acres along the riverfront, including Tower City Center and the surrounding landscape with the core tenets of "accessibility, equity, sustainability, and resilience."
"We are embarking on projects that reconnect us to our waterfronts and bring us closer to our goal of an 18-hour, 15-minute downtown that benefits all Clevelanders through people-centered development,” said Cleveland Mayor Justin M. Bibb in a statement. “This is a great example of how public-private partnerships can accelerate the pace of change and a jumping off point for our continued collaboration with Bedrock as we design the future of the riverfront together.”
The MDA specifies that the city and Bedrock will handle the below tasks "collaboratively":
- Identification of expected public and private-sector improvements to the property, such as boardwalks, park space, residential, commercial, and retail buildings, and roadways
- Identification of public and private-sector resources to support the development, including federal, state, and local resources and private equity and debt.
- Identification of necessary infrastructure improvements, including bulkheads, including project scope and cost
- Timetables for development
- Community engagement and outreach
The city of Cleveland says that working in coordination with other private and public efforts, the plan "anticipates more than 3.5 million square feet of commercial mixed-use development along the Cuyahoga riverfront anchored by transformational public improvements and accessibility. This includes residential—both for-sale and rental units—commercial, office, retail, entertainment and a riverwalk with more than 12 acres of public parks and open space."
Bedrock unveils master plan for Cuyahoga Riverfront
"We look forward to the ongoing collaboration with the Administration, Cleveland City Council and stakeholders across the community to deliver a vibrant, accessible and connected riverfront neighborhood,” said Kofi Bonner, chief executive officer at Bedrock, which is owned by Cleveland Cavaliers owner Dan Gilbert. “This is a once-in-a-generation endeavor and every partner is critical to its success. We are honored to participate and partner with the City of Cleveland.”
Bedrock announced in June that it closed on the acquisition of multiple properties near the riverfront, which reportedly total more than 1.3 million gross square feet.
Next month, Bedrock plans to begin construction on initial public infrastructure improvements, including rehabilitation of the existing bulkhead. The city of Cleveland allocated $3 million in American Rescue Plan Act (ARPA) funds to help finance the infrastructure work.
In the meantime, the city of Cleveland says it will explore creating a "Shore-to-Core Tax Increment Financing Overlay District" (TIF), a designated area where new taxes generated by an increase in property values contribute to a public improvement fund.
The city says this would be the first time it has looked to use a TIF on such a large scale. In addition to riverfront and lakefront infrastructure, some of the dollars generated through the TIF will be spent in neighborhoods across the city, funding upgrades to public spaces and other improvements.
