Flats East Bank – Phase I

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%

Exterior view of the Aloft Hotel

The office building is anchored by the accounting firm E&Y

Aerial view of the completed Phase 1

Time lapse video of Phase 1 construction

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.