The Port’s development finance team is issuing up to $70.2 million in bonds for several new construction and redevelopment projects. Those include:

• $32 million in tax-exempt, multifamily housing revenue bonds for an extensive renovation of the 191 unit Gates Mills Villa Apartment Building in Mayfield Heights. The $48 million project includes modernization of all units, significant upgrades to common spaces, mechanical repairs and replacements, new free WIFI, new windows, new roofs, landscaping and other site improvements. The property serves elderly tenants, age 62 and older, and 167 of the 191 units are under Section 8 contracts.
• $15 million in bonds for the development of a new residential project and rehabilitation of a historic building into residential in Ohio City. The $19.8 million Franklin Yard project, located at the corner of Franklin Boulevard and West 32nd street, will include construction of a modern new three-story apartment building with 29 units and restoration of a former YWCA women’s residence and a mid-19 century mansion that will create an additional 38 units.
• $15 million in lease revenue bonds for the 46 two and three bedroom affordable housing apartments and 8 two-bedroom market rate units to be known as the Gordon Crossing Project in Cleveland’s Hough neighborhood. The new $17.1 million project is expected to begin construction in Q2 2024. Woda Cooper Development Inc. and Frontline Development Group LLC are partnering on the project. Woda Cooper operates more than 350 properties with 16,000 housing units in 16 states. Frontline Development Group, LLC is a female led, minority owned real estate development company based in Cleveland, Ohio. Frontline develops real estate projects that are committed to innovative economic development and partners at each step of the development to grow the balance sheets of economically and socially underutilized businesses.
• $8.2 million of taxable bonds for construction of a cargo and aircraft storage hangar, cargo terminal, pass-through passenger terminal and vehicle parking spaces for Jets FBO at Cleveland Hopkins International Airport. The total project is planned to cost $12.6 million. Jets FBO and its subsidiary provide Ohio airports with fixed base operator aircraft services, including aircraft storage, fuel sales and de-icing.

Port authorities in Ohio can offer an array of benefits in the real estate and economic development space. Since 1993, the Port of Cleveland has provided more than $5 billion to more than 160 projects in Cuyahoga County and beyond.