<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=1d8Li1_1H3i1uMB00" alt="https://img.particlenews.com/image.php?url=1d8Li1_1H3i1uMB00" width="1641" height="1023" ></figure>A groundbreaking ceremony was held Tuesday for a new amphitheater as part of Bedrock’s Riverfront development in Downtown Cleveland. But financing for the venue, due to open before summer 2028, was approved yesterday by the Port of Cleveland (DLR Group). CLICK IMAGES TO ENLARGE THEM.<h2>Port OKs Downtown, 3 East Side projects</h2>The Port of Cleveland yesterday approved financing for four very different Cleveland development projects that have something in common — they offer the opportunity to enhance the city’s quality of life. Those four developments will bring two manufacturing facilities, a housing development with a branch library, and an entertainment venue to the city. And, as city and port officials noted, the four developments will create thousands of construction jobs and hundreds of permanent jobs. “Moving Cleveland forward takes strong partnerships and a shared commitment to getting things done,” said Cleveland Mayor Justin Bibb in a written statement.“This progress shows what’s possible when sectors come together to advance the Cleveland Era agenda, creating good jobs, expanding affordable housing, and investing in the places that will drive our city’s future,” Bibb added.Rhonda Winslow, the Port’s vice president of development finance, who has spent more than a decade with the organization, agreed that these developments will support the mayor’s Cleveland Era policy of reviving Cleveland’s industries and neighborhoods.<figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=1qZV8u_1H3i1uMB00" alt="https://img.particlenews.com/image.php?url=1qZV8u_1H3i1uMB00" width="1500" height="844" ></figure>“These four projects will bring new housing, jobs and investment to communities across Greater Cleveland, from east-side neighborhoods to downtown,” she said. “They will reduce blight, create opportunity and strengthen places that are critical to our region’s future.”Winslow also said the four developments also reflect how the Port is evolving and finding new ways to put its resources and tools, including its new Economic Growth Fund, to work for Greater Cleveland.“Each project is different, but they share a common goal: building stronger communities and creating the conditions for long-term economic growth,” she added.The four projects approved for financing yesterday were:<figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=3eFikM_1H3i1uMB00" alt="https://img.particlenews.com/image.php?url=3eFikM_1H3i1uMB00" width="1080" height="735" ></figure>MMY US Modular Housing Manufacturing — The first project under the Port’s recently established Economic Growth Fund, a $4 million senior loan and a capital lease will support MMY US Inc. and bring 150 manufacturing jobs along with it.This Louisville, KY-based manufacturer of modular housing is redeveloping the historic Wellman-Seaver-Morgan Engineering Company building at 7000 Central Ave. into its second advanced manufacturing facility. The site is in the city’s 350-acre Midline Business District.Like the Cleveland-Cuyahoga County Port Authority, this east-side Cleveland landmark has a longstanding connection to the region’s maritime industry. It produced the iconic Hulett ore unloaders that helped to safely and swiftly move cargo throughout the Great Lakes. Now largely vacant for decades, the historic property presents a full-circle opportunity to reconnect its industrial roots with Cleveland’s maritime future. Through this project, the Port is helping bring new manufacturing activity back to the site while supporting the growth of an innovative housing manufacturer. The Port is taking a more active financing role by serving as the project’s primary lender and deploying its own reserves to support the $25.7 million investment into the 183,000-square-foot factory, built in 1901.As part of the proposed financing, MMY will also be asked to commit to using the Port’s marine terminal and logistics services for a meaningful portion of its freight, where commercially reasonable. This could include the potential export of modular homes to Canada.<figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=0yQswP_1H3i1uMB00" alt="https://img.particlenews.com/image.php?url=0yQswP_1H3i1uMB00" width="1439" height="943" ></figure>Mingyue Place, formerly Midtown Lofts — This development would replace the long-closed Dave’s grocery store in Cleveland’s AsiaTown, 3301 Payne Ave., with a mixed-use affordable housing community. Thanks to Port financing, the project could see a groundbreaking next month.The project would replace the vacant store and parking lot with two multifamily residential buildings on either side of the street. It will feature 120 affordable housing units and approximately 3,500 square feet of ground-floor commercial space for the Cleveland Public Library.All residential units will serve households earning between 30-80 percent of the area’s median income, contributing to the availability of affordable housing options while bringing new activity and community resources to the neighborhood. The project represents a unique model of collaboration and community engagement between its Cleveland-based developer NRP Group, MidTown Cleveland, Inc., and residents in the AsiaTown community which helped shape the design and branding of the project.The Port authorized up to $30 million in tax-exempt multifamily housing revenue bonds to support a portion of the project’s $42.3 million construction costs. “Mingyue” in the name Mingyue Place means “bright moon” in Chinese.<figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=43mZjg_1H3i1uMB00" alt="https://img.particlenews.com/image.php?url=43mZjg_1H3i1uMB00" width="1800" height="1013" ></figure>Gateway 55 — This project represents an opportunity to retain a longstanding Cleveland business while creating additional capacity for industrial growth at the north end of Cleveland’s Slavic Village neighborhood.Reserve Premier LLC, an affiliate of Premier Development Partners of Independence, plans to develop a new 166,000-square-foot industrial building on 10.84 acres at 2966 E. 55th Street at the western edge of the Opportunity Corridor. Anchor tenant, Reese Consumer Health, a family-owned company with 120 years of operations in Cleveland, will occupy 75,000 square feet for production, office and distribution operations. This will allow the company to unite multiple facilities under one roof.The project, pending city and county approvals, will allow Reese to remain in Cleveland, retain 64 existing jobs and create an additional 36 positions upon completion. The remaining 91,000 square feet will be available for future manufacturing and industrial users.The Port authorized up to $26 million in lease revenue bonds to support a portion of the project’s construction costs which are estimated to be at least $50 million. Construction is anticipated to begin in January 2027 and conclude in December 2027.<figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=4Jotai_1H3i1uMB00" alt="https://img.particlenews.com/image.php?url=4Jotai_1H3i1uMB00" width="1641" height="1065" ></figure>Cleveland Amphitheater — A groundbreaking ceremony was held Tuesday at West 3rd Street and Stones Levee Road to bring a new, 6,200-seat outdoor entertainment venue to 4 acres along the Cuyahoga River waterfront.The new amphitheater will rise next to the to the Cleveland Clinic Global Peak Performance Center, at the end of a restored Eagle Avenue ramp from the COSM entertainment venue. Both of those were projects previously supported by the Port and all three spearheaded by Bedrock.With an estimated total project cost of $52 million, the development is expected to generate approximately 525 construction jobs, all compensated at full prevailing wage. Once operational, the venue is anticipated to support approximately 350 jobs across entertainment and the arts, hospitality, food service, facilities operations, maintenance, customer service, security and public safety.The Port will issue approximately $27 million in taxable lease revenue bonds to support a portion of the project’s construction costs. With construction now under way, completion of the amphitheater is anticipated in summer 2028.“Together, these projects reflect the Port’s continued evolution as an economic development partner and its commitment to identifying creative ways to put its resources to work for the region., housing, took meaningful steps to support investments addressing some of Northeast Ohio’s most pressing community and economic development needs,” Winslow said.END</div></body>

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A groundbreaking ceremony was held Tuesday for a new amphitheater as part of Bedrock’s Riverfront development in Downtown Cleveland. But financing for the venue, due to open before summer 2028, was approved yesterday by the Port of Cleveland (DLR Group). CLICK IMAGES TO ENLARGE THEM. Port OKs Downtown, 3...

Four Cleveland projects win Port financing

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A groundbreaking ceremony was held Tuesday for a new amphitheater as part of Bedrock’s Riverfront development in Downtown Cleveland. But financing for the 

Four Cleveland projects win Port financing

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