CLEVELAND — The Port of Cleveland has approved “the issuance of more than $171 million in bonds and notes for four transformative projects,” according to details released Thursday morning.
This includes the new development in Bedrock’s Riverfront project along the Cuyahoga River.
Here are the approved projects, which were outlined as follows:
- The Cleveland Clinic Global Peak Performance Center – Up to $50 million in taxable lease revenue bonds will help fund this 153,247-square-foot athletic training and medical facility. This over $200 million project is a cornerstone of the $3.5 billion Riverfront development being executed by Bedrock and will house a new training facility for the Cavaliers, with completion expected in 2027.
- Allerton Apartments Renovation – Up to $34 million in tax-exempt multifamily housing revenue notes will support a $60 million overhaul of the Allerton Apartments at 1802 E. 13th St. in downtown Cleveland. This critical affordable housing project will modernize 199 Section 8 units within a 15-story, 146,094-square-foot building, ensuring continued access to quality housing for low-income residents.
- Medical Center Company Expansion – Up to $80 million in variable-rate revenue bonds will refinance existing bonds and fund the expansion of steam and chilled water services to University Circle non-profits, primarily Case Western Reserve University and University Hospitals' Case Medical Center. This expansion will enhance operational efficiency and support future growth in this essential district. The Medical Center Company also serves The Cleveland Museum of Art, The Church of the Covenant, The Musical Arts Association (Severance Hall), the Cleveland Botanical Garden, The Cleveland Medical Library Association and the Cleveland Institute of Art.
- Central Mutual Insurance Company Headquarters Repairs – Up to $7.4 million in PACE bonds will support $12.3 million in repairs to the Central Mutual Insurance headquarters in Van Wert, Ohio. This project, in partnership with the Toledo-Lucas County Port Authority, will strengthen infrastructure for a major property and casualty insurer serving 24 states, and helps to geographically diversify the Port’s bond fund portfolio.
“The projects approved today are a good showcase of the Port’s ability to add value to a diverse group of projects during a time when projects are a challenge to get done,” said Rhonda Winslow, Vice President of Development Finance. “Today’s approvals assist in moving forward a riverfront development to bring Cleveland closer to an 18-hour 15-minute neighborhood, give non-profits access to the tax-exempt bond market, provide PACE financing through collaboration with another port, and rehabilitate a low-income property in downtown, Cleveland.”
In their press release, the Port of Cleveland said this brings the total development bonds approved by the agency in 2024 to approximately $753 million.
