CLEVELAND – February 13, 2025 – The Port of Cleveland continues to play a critical role in advancing redevelopment projects across Northeast Ohio, today approving financing, sales tax savings, and PACE bonds to support more than $97 million in transformative projects in Cleveland and Lakewood.

The approved projects include the redevelopment of a historic Ohio City property, the transformation of a former auto dealership in Lakewood, and the construction of a new senior living and library facility on Cleveland’s west side.

Together, these projects will add more than 300 new apartments, including 51 units of affordable senior housing, along with commercial and community spaces.

With this latest action, the Port has now approved more than $850 million in financing assistance since January 2024.

The projects approved today are:

· Barry Buick Redevelopment (Lakewood) – $24.4 Million Lease Revenue Bonds The Port approved $24.4 million in lease revenue bonds to support the redevelopment of the former Barry Buick auto dealership and service center on Detroit Road. The $30.5 million project will feature two four-story mixed-use buildings with 124 apartments and 1,500 square feet of commercial space. Construction is slated to begin in Q1 2025 and finish by Q2 2026. The development is led by NewBrook Partners and The Krueger Group.

· Rauch & Lang Carriage Company (Voss Aerospace Building, Ohio City)– Capital Lease and $8 Million PACE Bond Fund Bonds

The Port is partnering with MRN Ltd subsidiaries to redevelop the historic Voss Aerospace building into Rauch & Lang Carriage Company, a $51.6 million mixed-use project. The Port will provide sales tax savings through a capital lease and issue $8 million in PACE (Property Assessed Clean Energy) bonds for energy efficiency improvements. The project will include 129 apartments, 8,000 square feet of commercial space, 5,000 square feet of retail/restaurant space, and parking for 122 vehicles.

Originally constructed in the 1870s, the building played a key role in Cleveland’s carriage and auto industries before being repurposed for materials handling. Construction is expected to begin in Q1 2025, with completion by end of year 2026. The project is led by MRN’s Jori Maron, a developer with more than 20 years of experience redeveloping historic properties in Cleveland.

· Karam Senior Living & Walz Library (Cleveland’s West Side) – $5 million in lease revenue bonds

The Port is partnering with Northwest Neighborhoods CDC and Salus Development LLC to develop the $21.2 million Karam Senior Living featuring 51 affordable senior apartments and a new branch of the Cleveland Public Library at 7918 Detroit Avenue. The Port is providing a capital lease to provide sales tax savings to the project.

Located at West 80th Street and Detroit Avenue, Karam Senior Living will include a community room, laundry facilities, on-site parking, and a wellness center. Construction is scheduled to begin in Q1 2025, with completion in Q3 2026.

Northwest Neighborhoods, a community development corporation (CDC) is the nonprofit provider of affordable housing and community development services for Cudell, Detroit Shoreway and Edgewater on Cleveland’s west side.

The CDC’s executive director, Bridget Kent Marquez, said, “The Port has been another key partner in the interconnected relationships that are ensuring success for this catalytic project.”

“The Port Authority continues to be a pivotal force in advancing redevelopment across the Cleveland region,” said J. Stefan Holmes, Port Board Chair. “We are proud to support these projects that will transform key sites, create much-needed housing, and enhance our communities.”

Since 1993, the Port of Cleveland has provided over $5.4 billion in financing for close to 200 projects across Cuyahoga County and beyond, playing a pivotal role in the region’s economic transformation. The Port’s financing initiatives have consistently catalyzed growth, revitalized communities, and strengthened Northeast Ohio’s economic foundation. As demand for these services continues to rise, the Port remains a driving force behind strategic development that shapes the region’s future.

In 2024 alone, the Port approved 20 projects totaling $753 million in development financing—making it the second-highest revenue year for development finance in its history. Notably, the Port set a new record for revenue while keeping expenses under budget, reinforcing its commitment to fiscal responsibility and high-impact investments.

CLEVELAND, February 13, 2025 – The Port of Cleveland has approved a $110,000 grant to Argonaut, a nonprofit organization that provides maritime and aviation career training to students at Davis Aerospace and Maritime High School in the Cleveland Metropolitan School District. This hands-on program not only prepares students for future careers in the maritime industry but also enhances critical safety operations on the Cuyahoga River and Lake Erie.

With this funding, Argonaut will continue to increase the of students in its Marine Safety Program, expanding opportunities for Cleveland high school students to gain real-world experience in maritime careers and strengthen their connection to the city’s growing waterfront economy.

The Port’s grant will allow Argonaut to:

· Expand student participation in the Marine Safety Programs

· Strengthen maritime and waterfront education and training programs

· Enhance youth workforce training opportunities in a high-demand industry

· Support ongoing safety operations for Cleveland’s recreational and commercial maritime communities

“We are committed to ensuring that economic development benefits every corner of our community,” said Carl Naso, Port CFO. “Argonaut has been a vital partner in providing hands-on workforce training while also playing a critical role in keeping our waterways safe. This grant allows them to expand their impact, providing more Cleveland students with career opportunities while bolstering safety on the Cuyahoga River and Lake Erie.”

Argonaut’s program gives students real-world experience while contributing to public safety efforts on Cleveland’s waterways. In 2023, Argonaut’s crew:

· Assisted 91 ships navigating Cleveland’s harbor

· Partnered with the U.S. Coast Guard and emergency services on 123 missions

· Led 10 active in-water rescues and assisted with 32 additional rescue operations

Additional Argonaut programs help keep Cleveland’s waterways clean. Students use specially designed tandem vessels, Flotsam and Jetsam, to remove floating debris from the Cuyahoga River and Inner Harbor. Four active Davis students and two Davis graduates manage clean-up

efforts four days a week after school and throughout the summer. They also gain hands-on experience with mechanical, fueling, safety inspections, and vessel operations.

The Port of Cleveland contracts with Argonaut to captain the vessels and work with students.

By combining education, workforce development, and public safety, Argonaut is creating a pipeline of future leaders in Cleveland’s growing waterfront economy.

“The Port’s continued investment in the future of Cleveland’s maritime workforce is invaluable,” said Drew Ferguson, Founder and CEO of Argonaut. “This funding allows us to provide students with immersive, real-world learning experiences while making Cleveland’s waterways cleaner, safer, and more accessible for everyone.”

A number of Argonaut graduates at the Port board meeting told stories about how life-changing the program has been for their career trajectories.

The Port’s Community Investment Fund —made possible by the success of the Port’s development finance program—is funded by 10% of revenues from development finance projects. This ensures that the Port’s economic development efforts create tangible benefits for historically disadvantaged communities by supporting workforce training, economic opportunity, and community improvement initiatives.

Since its launch, the Community Investment Fund has supported a range of impactful projects across Cuyahoga County. With this latest grant, the Port’s total investment in Argonaut now totals $380,000 since 2019, underscoring its long-term commitment to strengthening Cleveland’s workforce, creating educational opportunities for students, and improving quality of life for the region.

CLEVELAND – Dec. 12, 2024—The Port of Cleveland has approved a new contract with Logistec USA Inc. to be the terminal operator for the 2025 shipping season, a partnership expected to significantly increase operating revenues.

Logistec, a Montreal-based company with operations at 91 terminals across 62 North American port locations, has been providing terminal services at the Cleveland Bulk Terminal since 2017 and the General Cargo Terminal since 2019. These terminals are critical to the regional economy, handling essential materials like iron ore and limestone as well as various general cargo. The Port’s General Cargo Terminal handles between 350,000 and 550,000 metric tons of cargo annually.

Under the new contract, which runs from April 1, 2025, through March 31, 2026, the increase in the fixed charges and tonnage assessment annually paid to the Port by Logistec will result in significant improvements to the Port’s operating revenues.

The agreement is expected to bring in significant additional operating revenue based on a baseline of 350,000 metric tons, with Cleveland Terminal Tariff charges projected to separately generate additional operating revenue.

“This agreement is a win-win for the Port,” said David Gutheil, Chief Commercial Officer at the Port of Cleveland. “Logistec has been an exceptional partner, working with us to attract new cargo opportunities and drive growth at our terminals, an example of which were the three cranes that moved through the Port earlier this year that were destined to the Intel project near Columbus. They’ve played an instrumental role in broadening the Port’s capabilities, ensuring that our facilities are competitive and attractive to a diverse array of industries.”

Terminal operators like Logistec are the backbone of modern port operations, ensuring the efficient movement of goods through facilities that serve as gateways to the global economy. Their work involves handling diverse types of cargo, maintaining equipment and managing workforce logistics. By optimizing these operations, terminal operators enable ports like Cleveland to attract and retain shipping partners, support regional industries and drive economic growth.

Gutheil emphasized Logistec’s commitment to operational excellence and environmental sustainability, values that align closely with the Port’s strategic goals. Their extensive North American network and specialized expertise make them uniquely equipped to manage the Port’s complex and growing cargo demands.

Gutheil said the Port has a good relationship with the Logistec management team, which is expected to remain in place for the foreseeable future.

Rodney Corrigan, President of Logistec Stevedoring Inc., said, “We are proud to continue our partnership with the Port of Cleveland. Together, we are driving sustainable growth and enhancing the region’s supply chain capabilities. Cleveland is a critical hub in the Great Lakes, and we are committed to delivering exceptional service to our customers and stakeholders.”

Cleveland – November 19, 2024—David Gutheil has been appointed as the interim leader for the Port of Cleveland, set to take over in January following the departure of Will Friedman who is stepping down from his role at the end of this year.

“We are fortunate to have someone as experienced and trusted as Dave ready to step in,” said J. Stefan Holmes, Port board chair. “As we announced when Will shared his decision to move on, the board is committed to finding a successor with experience in maritime transportation, development finance and economic development. As we look for a permanent successor, we are fully confident in the guiding hands of Dave.”

Holmes said the board will be engaging a search committee for the permanent successor.

Gutheil has been with the Port of Cleveland more than 14 years, most recently as Chief Commercial Officer, a position he was named to in March 2018.  In this role, he has led all operational and business development functions of the Port’s maritime division, including management of tenant and client relationships, overseeing strategic planning and driving cargo development initiatives.

He has played an integral role in various high profile projects, including securing over $90 million of infrastructure upgrades at the general cargo and bulk terminals, which have increased efficiency of cargo movements in and out of the Port by more than 35%. He has also developed new cruise vessel business for the Port and developed strategic alliances with partners such as OmniTrax, which has increased rail activity and efficiencies at the general cargo terminal, and Logistec USA, which operates the Port’s bulk and general cargo terminals.

Gutheil previously was the Port’s Vice President, Maritime and Logistics. He led development of the Cleveland-Europe Express, the first container service at the Port and a Great Lakes game changer.

“I am honored by the Board’s trust in me,” said Gutheil. “Our commitment to our community and business partners remains strong, and I look forward to supporting the Port’s continued growth and positive impact on the region, including the bold initiatives started under Will Friedman.”

In October, Friedman announced his decision to step down from his role following the expiration of his contract. His departure marks the end of a successful 14-year tenure during which the Port expanded its impact on regional economic development, environmental stewardship and infrastructure investment.