Dan Gilbert's real estate firm, Bedrock, has received a $9.1 million tax credit from the Ohio Tax Credit Authority to support the redevelopment of the Cuyahoga Riverfront behind Tower City. The project, aiming to transform the area into a vibrant mixed-use destination, is expected to create 548 permanent jobs and involve a variety of developments, including a new hotel, entertainment venue, restaurants, retail, and a sports-medicine hub.
The Ohio Tax Credit Authority has awarded Dan Gilbert 's real estate firm, Bedrock , a $9.1 million tax credit to aid in the redevelopment of the Cuyahoga Riverfront behind Tower City. This award, announced on Monday, stems from a competitive state program designed to support 'transformational,' mixed-use projects. In this cycle, property owners and developers across the state sought over $250 million in credits, but the state had a limited pool of $100 million to distribute.
While just over $9 million is still a significant sum, it represents a fraction of what Bedrock originally requested. Public records reveal that the developer, the real estate arm of Gilbert's Rock family of companies, applied for the maximum possible amount — $40 million. Bedrock's project stands as the sole Northeastern Ohio winner in this round of tax credit allocations.Bedrock CEO Kofi Bonner released the following statement regarding the tax credit: 'This significant award from the Ohio Tax Credit Authority will fuel the continued revitalization of Cleveland's Cuyahoga Riverfront, creating a vibrant, mixed-use destination that will benefit residents and visitors alike.' The Cuyahoga Riverfront project encompasses approximately 35 acres and is located behind Tower City. Last year, the company broke ground on the first phase of the project, which includes the construction of a new Cleveland Cavaliers practice facility and a Cleveland Clinic sports-medicine hub near Stones Levee and West 3rd Street. Gilbert, a Detroit-based billionaire, owns the Cavs. According to a redacted copy of the tax credit application provided to News 5 by the Ohio Department of Development, the first phase of Bedrock's project comprises the following: transforming approximately 12 acres of parking lots into a 'vibrant urban district'; constructing a 17-story building that will feature a hotel, entertainment venue, restaurants, and retail space, along with structured parking; building a new plaza and staircase connecting Huron Road to the riverfront, along with a new park and kayak launch; and the Cleveland Clinic Global Peak Performance Center, the sports-medicine and training facility already underway. The state anticipates that these initial stages of the project will create 548 permanent jobs. 'With new development and growth comes new possibilities for Ohioans,' stated Lydia Mihalik, director of the Ohio Department of Development, which administers the program. 'Mixed-use developments create lively communities that attract residents and visitors, transforming empty lots into places where people can connect and thrive.' Bedrock's broader master plan, a $3.5 billion vision for reimagining the waterfront, could take nearly two decades to fully realize.
Bedrock Dan Gilbert Cuyahoga Riverfront Tax Credit Redevelopment Cleveland Ohio Mixed-Use Development Hotels Entertainment Retail Sports Medicine
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