The Port of Cleveland secured $97 million in financing for transformative projects in Cleveland and Lakewood, including redeveloping a historic property, former auto dealership, and new senior living/library facility. Over $850 million in financing has been approved since January 2024, driving economic growth in northeast Ohio.
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The Port of Cleveland continues to play a critical role in advancing redevelopment projects across northeast Ohio, approving financing, sales tax savings and PACE bonds to support more than $97 million in transformative projects in Cleveland and Lakewood.
The Port of Cleveland continues to play a critical role in advancing redevelopment projects across northeast Ohio, approving financing, sales tax savings and PACE bonds to support more than $97 million in transformative projects in Cleveland and Lakewood.
The approved projects include the redevelopment of a historic Ohio City property; the transformation of a former auto dealership in Lakewood; and the construction of a new senior living and library facility on Cleveland's west side.
Together, these projects will add more than 300 new apartments, including 51 units of affordable senior housing, along with commercial and community spaces.
With this latest action, the Port has now approved more than $850 million in financing assistance since January 2024.
The projects approved are:
• Barry Buick Redevelopment (Lakewood) — $24.4 million lease revenue bonds — The Port approved $24.4 million in lease revenue bonds to support the redevelopment of the former Barry Buick auto dealership and service center on Detroit Road. The $30.5 million project will feature two four-story mixed-use buildings with 124 apartments and 1,500 sq. ft. of commercial space. Construction is slated to begin in Q1 2025 and finish by Q2 2026. The development is led by NewBrook Partners and The Krueger Group.
• Rauch & Lang Carriage Company (Voss Aerospace Building, Ohio City) — capital lease and $8 million PACE bond fund bonds — The Port is partnering with MRN Ltd subsidiaries to redevelop the historic Voss Aerospace building into Rauch & Lang Carriage Company, a $51.6 million mixed-use project. The Port will provide sales tax savings through a capital lease and issue $8 million in PACE (Property Assessed Clean Energy) bonds for energy efficiency improvements. The project will include 129 apartments, 8,000 sq. ft. of commercial space, 5,000 sq. ft. of retail/restaurant space and parking for 122 vehicles.
Originally constructed in the 1870s, the building played a key role in Cleveland's carriage and auto industries before being repurposed for materials handling. Construction is expected to begin in Q1 2025, with completion by end of year 2026. The project is led by MRN's Jori Maron, a developer with more than 20 years of experience redeveloping historic properties in Cleveland.
• Karam Senior Living & Walz Library (Cleveland's west Side) — $5 million in lease revenue bonds — The Port is partnering with Northwest Neighborhoods CDC and Salus Development LLC to develop the $21.2 million Karam Senior Living featuring 51 affordable senior apartments and a new branch of the Cleveland Public Library at 7918 Detroit Avenue. The Port is providing a capital lease to provide sales tax savings to the project.
Located at West 80th Street and Detroit Avenue, Karam Senior Living will include a community room, laundry facilities, on-site parking and a wellness center. Construction is scheduled to begin in Q1 2025, with completion in Q3 2026.
Northwest Neighborhoods, a community development corporation (CDC) is the nonprofit provider of affordable housing and community development services for Cudell, Detroit Shoreway and Edgewater on Cleveland's west side.
"The Port has been another key partner in the interconnected relationships that are ensuring success for this catalytic project," said Bridget Kent Marquez, CDC executive director.
"The Port Authority continues to be a pivotal force in advancing redevelopment across the Cleveland region," said J. Stefan Holmes, Port board chair. "We are proud to support these projects that will transform key sites, create much-needed housing, and enhance our communities."
Since 1993, the Port of Cleveland has provided more than $5.4 billion in financing for nearly 200 projects across Cuyahoga County and beyond, playing a pivotal role in the region's economic transformation. The Port's financing initiatives have consistently catalyzed growth, revitalized communities, and strengthened northeast Ohio's economic foundation. As demand for these services continues to rise, the Port remains a driving force behind strategic development that shapes the region's future.
In 2024, the Port approved 20 projects totaling $753 million in development financing — making it the second-highest revenue year for development finance in its history. The Port set a new record for revenue while keeping expenses under budget, reinforcing its commitment to fiscal responsibility and high-impact investments.
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