Cavs owner Dan Gilbert’s business announces vision for Thousands of Homes, development along the Cuyahoga River near downtown Cleveland

CLEVELAND, Ohio – A real estate company owned by Cleveland Cavaliers owner Dan Gilbert on Wednesday announced it wants to add thousands of homes, offices and other developments over the next several decades to properties along the river Cuyahoga, near downtown.

The holistic vision of more than 100 acres, which includes the Collision Bend area of ​​the river near Tower City and portions of Canal Road, includes the transformation of long underutilized properties near the booming neighborhoods of Tremont and the Ohio City, as well as downtown itself, Bedrock CEO Kofi Bonner said at a virtual press conference. The hope is to create another neighborhood through development over the next 25-30 years.

“Our goal is to lead in making Cleveland a true 6-hour city, alive and vibrant beyond traditional working hours,” Bonner said at a heavily orchestrated event that was rich in proclamation but short in detail. “This will create a new competitive advantage for Cleveland in its business attraction efforts.”

City officials were also involved in Wednesday’s announcement. Those who spoke spoke about the need to improve and repair public infrastructure such as roads, as well as the need to invest in public spaces and the means for residents to access the riverside. . They also talked about pushing forward plans to make Cleveland more attractive, as a $ 1 trillion infrastructure bill remains pending in Congress.

“We all need to organize ourselves to position Cleveland as best we can to be able to access the infrastructure funds that will ultimately come from the federal government,” Bonner said.

Bedrock’s hope is that these public improvements, along with those of roads and other infrastructure, will make people want to live, work and visit there and will result in the need for thousands of homes, millions of square feet of space. office, shops and restaurants. that Bedrock and maybe others can build.

Bonner noted, however, that “the market will ultimately determine that.” A spokeswoman for Bedrock did not provide answers on what infrastructure improvements the area needs to encourage development and how much affordable housing it could see – two topics that were discussed during the meeting. press conference.

The plans align with “Vision for the Valley,” a two-year plan in preparation that serves as a roadmap for development and investment in the area surrounding an eight-mile section of the Cuyahoga River. The Cleveland Planning Commission in July adopted the plan.

The most significant Bedrock proposal in several years for a region that has seen a lot of proposals come and go with little action. Gilbert proposed to set up a casino on the land, and before that, Forest City Enterprises wanted to build a convention center and medical center there. Prior to that, the area was a potential site for the Rock & Roll Hall of Fame which now sits on the shores of Lake Erie.

The press conference also included Mayor Frank Jackson, Greater Cleveland Partnership CEO Baiju Shah and Gilbert-affiliated Rocket Community Fund Director Laura Grannemann. It was moderated by former WOIO-19 presenter Romona Robinson.

Shah said the vision and other major projects in and near the city’s central business district, “have the potential to transform the city center.”

Bonner noted that Bedrock, who owns Tower City Center and the newly renovated May Co. building near Public Square, owns about 30 percent of the 130 acres needed for his plan, but said he would work with landowners and d ‘other companies to implement its vision.

But despite all the talk about public-private partnership throughout the press conference, Jackson noted that the goal is to attract private development. The mayor, who is in the last months to be the head of a city he has ruled for 16 years, said he anticipated general legislation on the plan to go to city council, but that details like costs and development agreements will have to be settled by the next administration.

Still, Jackson noted his support and said he sees it as a tool to tackle inequality and racism in the city, even though such a development is planned near one of Cleveland’s most invested neighborhoods. He also said it provided connections to other major projects in and near the city center, including the new Sherwin-Williams headquarters and plans for stabilization and park development on Irishtown Bend.

“It’s not just bricks and mortar,” Jackson said. “It’s a tool that we can demonstrate (that) this is how you do business when you come to Cleveland and everyone should be a part of that prosperity.”

Read more:

Cleveland Planning Commission approves ‘Vision for the Valley’ plan to guide development along the Cuyahoga River

Scranton Peninsula: Greater Cleveland Partnership official wants landowners to plan for the future of major city waterfront real estate

First look at Dan Gilbert’s Cleveland Casino also finds upscale shops, restaurants

Forest City cuts nearly $ 50 million from its proposed medical and convention center