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Committee backs $2 million loan request for BridgeWorks mixed‑use project at W.25th and Detroit
Summary
The committee advanced a $2 million loan request to Bridal Works LLC for a 219‑unit mixed‑use development at West 25th and Detroit, including 70 workforce housing units; staff said the county loan would represent about 2.4% of the total project cost and leverage more than $81 million from other sources.
The Economic Development & Planning Committee voted April 14 to send to full council a proposal to authorize up to $2 million in county financing for the BridgeWorks mixed‑use development at the northeast corner of West 25th Street and Detroit Avenue in Cleveland.
Matthew Carey of the Department of Development presented the developers (Graham Bisi and Michael Panzica) and explained that the project — now a 219‑unit apartment development above structured parking and retail — was revised from an earlier iteration that included a hotel. Carey said the county loan would be fixed at 4.5% with a 17‑year term (two years interest‑only followed by 15 years of principal and interest) and a 25‑year amortization schedule that creates a year‑17 balloon payment.
Carey highlighted that the county’s $2 million would represent only 2.4% of the total project cost and would leverage roughly $81 million in outside investment; he said the developer would commit more than $13 million of cash equity and defer 100% of their developer fee. The development will set aside 70 units as workforce housing at rents tied to 100% of area median income; Carey said AMI figures are calculated against the MSA and vary by unit size.
Committee members pressed staff on job creation assumptions and underwriting exceptions. Staff said the amended scope and the project’s visible corridor location justified a deviation from the program’s typical jobs‑per‑dollar threshold and that the project’s financing is highly leveraged in ways that reduce county risk. "The county's funds will certainly increase the probability that this project will be able to actually happen," Carey said.
The committee voted to forward the resolution to full council for second reading so the department can finalize terms and, if approved by council, close the loan.
Next step: full council consideration for second reading and final authorization.
