Flats East Development, LLC, a joint venture of The Wolstein Group and Fairmount Properties, in collaboration with a full range of public partners has initiated the over $500 million redevelopment of the Flats East Bank located in Downtown Cleveland.  Situated on 20-acres along the banks of the Cuyahoga River and Lake Erie, Flats East Bank will become one of the nation’s most exciting urban waterfront districts.  This long anticipated project will be completed in phases.  The first phase opened in June 2013.

www.flatseast.com

Project Partners: City of Cleveland; Cleveland – Cuyahoga County Port Authority; Cleveland International Fund; Cuyahoga County; First Merit; Northeast Ohio Regional Sewer District; Ohio Carpenters Pension Fund; State of Ohio; Summit County Port Authority; United States Federal Government; Wells Fargo

Project Details

Completed 2013
Location 950 Main Avenue; Flats East Bank Neighborhood
Project Type Mixed Use; New Construction
Program 500,000 SF Office; 150-room hotel; 30,000 SF retail
Sponsor The Wolstein Group and Fairmount Properties
CDA Investment $5.7 million loan from CDP II
Total Project Costs $275 million
Community Demographics Poverty Rate: 10%
Median Income: 343.5%
Unemployment Rate: 5.3%

Impact

  • Diversity and Inclusion

    The developer committed to construction participation goals for Minority, Female, and Cleveland Small Businesses (MBE/FBE/CSB) as well as minority, female, and City of Cleveland resident workers.

  • Environmentally Sustainable Outcomes

    The project returns a Brownfield site to productive use. Flats East Bank is a LEED Neighborhood Development pilot project.

  • Job Creation

    The project is anticipated to create 1,300 prevailing wage construction jobs. Upon completion, 300 full time or full time equivalent permanent jobs will be located at the project site.

  • New Public Space

    The project created a 1,200 foot public riverfront boardwalk.

  • Accessible Public Transit

    The project is a stop on the RTA Waterfront commuter rail line.