The Port of Cleveland’s Board of Directors approved financing to help the next phases of Crocker Park on Thursday, April 17.
The Port approved the issuance and sale of up to $7 million in bonds to develop new commercial, retail and residential components within Crocker Park, including five new restaurants, a new 110 room Hyatt Place premium hotel, and 386-space private parking garage.
Called ‘Block K,’ the new portion of Crocker Park is expected to be open by spring of 2015. Two restaurants reportedly will be Yard House, a burger and beer spot, and a Texas de Brazil steakhouse.
The Port is a crucial partner in building Cuyahoga County’s future and plays an important role in stimulating economic development by connecting private investors with landmark projects throughout our region. Crocker Park turned to the Port for financing after the City of Westlake declined to issue bonds for needed public improvements to the project.
The Port press releases adds, “Crocker Park, located in Westlake, is a regional mixed-use urban community on 75 acres that was developed in 2004 as the first fully functioning, vertically integrated, work-live platform concept of its kind in Northeast Ohio.
“The new development, including the planned headquarters of American Greetings, will add 235,000 square feet of retail space to Crocker Park and an approximately 1.2 million square foot expansion of the Main Street Corridor. It is estimated to bring an additional value of $22 million to Crocker Park.
Will Friedman, president and CEO of the Port of Cleveland, said the Port recognizes the importance of this development to the economic vitality of Northeast Ohio.
“These will bring construction jobs, permanent jobs and tax revenues to our county,” Friedman said. “The Port of Cleveland is proud to play a role in attracting private investment capital to our community.”
About The Port of Cleveland
The Port of Cleveland is a key to Northeast Ohio’s global competitiveness by providing the quickest route between North American’s Heartland and Northern Europe. An economic engine for Northeast Ohio, the Port brings 13-million tons of cargo through the Cleveland Harbor, and
with it $1.8 billion in annual economic activity and nearly 18,000 jobs. As a Green Port on a Great Lake, the Port of Cleveland plays a key role in the environmental restoration and revitalization of Lake Erie and the Cuyahoga River. For more information, visit the Port website at: www.portofcleveland.com