Providing public access to its historic waterfront is a top priority for the City of Cleveland.  This development, in combination with the $275 million Phase 1 opened June 2013, will complete the vision of a fully integrated, sustainable waterfront district. 

www.flatseast.com

Project Partners: Wells Fargo; Cleveland International Fund; Cuyahoga County; City of Cleveland; State of Ohio; Cleveland – Cuyahoga County Port Authority

Project Details

Completed 2015
Location Main Avenue and Old River Road; Flats East Bank Neighborhood
Project Type Mixed Use; New Construction
Program 240 apartments; 100,000 SF retail and restaurant space
Sponsor The Wolstein Group and Fairmount Properties
CDA Investment $1.5 million loan from ACDF; $3 million loan from CDP II
Total Project Costs $146 million
Community Demographics Poverty Rate: 10%
Median Income: 343.5%
Unemployment Rate: 5.3%

Impact

  • Executed Community Benefits Agreement

    The project sponsor has committed to quantifiable community impacts by executing a Community Benefits Agreement.

  • 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 redevelopment 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 located at a stop on the RTA Waterfront commuter rail line.