Developer to turn iconic property into mixed-use hub
Cleveland, OH - The Board of Directors of the Cleveland-Cuyahoga County Port Authority (Port of Cleveland) met today to review and authorize the issuance and sale of Taxable Lease Revenue Bonds for the Terminal Tower Redevelopment Project, totaling an amount up to $74.5 million.
The developer, K&D Group, purchased the building from Forest City Enterprises in 2016. It plans on turning the historic property, once the largest office building in the United States, into a mixed-use hub of activity. The renovation will replace the floors previously occupied by Forest City Enterprises with approximately 301 apartments, while retaining the office uses of the remainder of the building.
The estimated $111.5 million project will stimulate additional development around Public Square and accommodate roughly 475 retained and new jobs in the office space, as well as creating over 650 construction jobs.
“We are happy to see the continued redevelopment of Terminal Tower,” said CEO and President of the Port of Cleveland, William Friedman. “Moreover, the Port is pleased to facilitate another transformative project within the city’s most iconic property.”