Cleveland's ambitious mixed-use development set to transform downtown

In a recent government meeting, key stakeholders discussed the ambitious redevelopment project encompassing the Erieview Tower and the Galleria in downtown Cleveland. Andy, the CFO of TurnDev, outlined the project's significance, emphasizing its role as a regional asset for Northeast Ohio. The Kasu family, who acquired the property in 2019, is spearheading the development, which has been in the planning stages for several years.

The project will feature a mixed-use development that includes a 210-key luxury hotel managed by W Hotels, luxury apartments, office spaces, and retail options. The hotel, set to occupy floors 5 through 12, will offer amenities such as a spa, restaurant, and rooftop bar. Plans also include 227 luxury apartments on floors 17 to 28, with the potential for an additional 30 rental units.

The Galleria is expected to undergo significant renovations, introducing fine dining, a new food court, and entertainment spaces. The project aims to revitalize the area and attract both residents and businesses to downtown Cleveland. The Kasu family, with a long-standing presence in the city, is collaborating with local and out-of-state architectural firms, including Berardi and Associates, Rockwell Group, and Bayer Binder Bell.

Financially, the project is bolstered by substantial state support, including $20 million from the state of Ohio, which comprises $10 million in historic preservation tax credits and another $10 million in transformational mixed-use development grants. Additional funding will come from federal historic tax credits and construction financing from Huntington Bank.

Construction is set to commence following the financial closing of the hotel at the end of this month, with a projected completion date for the entire project by June 30, 2026. The total investment in the redevelopment is estimated at $217 million, a figure that is subject to change as the project progresses.