Bedrock, owner of the Detroit-based Tower City Mall, and behind it, has a 30-year vision to remake this boardwalk with offices, homes, shops and parks.
Bedrock CEO Kofi Bonner unveiled the high-level concept on Wednesday, Sept. 15, during a virtual press conference with a strong script with Jackson Mayor Frank Jackson. Bonner described the plan as a public-private-philanthropic partnership, a development that will require massive investments in infrastructure and will take decades to complete.
The announcement came as Jackson neared the end of his 16-year candidacy for mayor, the morning after voters narrowed the field full of candidates vying to replace him. The timing was clearly motivated, at least in part, by the unprecedented flood of federal money flowing into communities to eliminate the aftermath of the pandemic, stimulate the economy and replace old roads and bridges.
The Jackson administration plans to send legislation to Cleveland City Council that explains the “spirit” of the deal, the mayor said, but there is no development agreement that talks about details about costs, deadlines and expectations. for both parties.
“What we’re going to do is look at something that reminds us of the fact that we want to work together, as a public-private partnership, to bring this project together,” said Jackson, who acknowledged that the next mayor and council will be responsible for the details.
Bedrock’s proposal is based on Vision for the Valley, a comprehensive plan to reinvent 8 miles of the Cuyahoga River, which extends south from Lake Erie. The company’s parking lots along Collision Bend are a focal point of the 317-page plan, which was adopted by the Cleveland City Planning Commission in July.
Bonner, a former Cleveland Browns managing director who became Bedrock’s general manager last year, talked about extending downtown to the river with modern infrastructure and new high-access public spaces. The remade river promenade could house thousands of homes, millions of square feet of offices and new shopping and hospitality centers, he said.
The city and Bedrock focus on a 130-acre footprint, where Bedrock owns about 30 percent of the property, Bonner said. Bedrock will not be the only developer involved.
The cost of such an ambitious vision is unclear, but it will be huge.
“We all need to get organized to position Cleveland as best we can to be able to access infrastructure funds that will come from the federal government,” Bonner said, referring to the $ 1 trillion infrastructure bill that it is paving a thorough path through Congress.
Baiju Shah, CEO of the Greater Cleveland Partnership, joined Bonner and Jackson for the event. He stressed the importance of alignment between public and private partners, as Cleveland advocates federal funding for roads, public transportation and other jobs.
“This plan complements and connects with major citywide initiatives,” he said, alluding to other substantial projects, including a $ 229 million land bridge from downtown shopping malls to the front of the city. lake defended by the Cleveland Browns and planned reforms to the Progressive Field, which will also require significant public investment.
“Together,” Shah said, “these projects, all vital, all complementary, have the potential to transform the city center.”
While there is no formal agreement between the city and Bedrock, Jackson and Bonner mentioned commitments related to job creation, hiring construction, local suppliers and opportunities for Cleveland residents to build wealth. These issues, and the ideals of fairness and inclusiveness, are likely to be written into any agreement the developer and the city finally reach, Bonner said.
“The next few years will be critical to understanding the issues and determining how best to benefit Clevelanders in this 30-year transformation,” said Laura Grannemann, vice president of strategic investment for the Rocket Community Fund, the philanthropic arm of the Rock Business Family. of Detroit area billionaire Dan Gilbert.
Gilbert’s Bedrock bought the troubled Avenue Mall in Tower City and the associated parking lot in 2016. Affiliate companies have controlled land along the river since 2011, when Gilbert’s former gaming group paid $ 85 million for 16 acres and air rights behind the mall.
Originally, that land was earmarked for a casino and related development. But Gilbert abandoned those plans years ago, in favor of focusing on a much smaller casino that opened in the Higbee building in the public square in 2012. Gilbert sold his interest in the gaming business, JACK Entertainment , last year.
In July, Bonner announced Bedrock’s plans to reposition the mall as a “marketplace,” a space more dedicated to experiences than traditional shopping. The company chases local and national tenants for the very empty space, which rises at Cleveland Central Train Station and is flanked by offices, hotels and apartments.
Bedrock plans to announce new leases within 30 days, Bonner said. The landlord incorporated at least three locally owned black tenants, and said there are ten more operations in operation. “This is outside of this current agreement,” he said, making a distinction between the mall’s initial route plans and the company’s much broader river vision.
Jackson said the redevelopment of Collision Bend will create a necessary link between major projects, from the future headquarters of The Sherwin-Williams Co. in the public square until the stabilization of the dangerous hill of Irishtown Bend on the other side of the river. And he suggested that the partnership between the city and Bedrock, as it turns out, could serve as a model for other businesses.
“These aren’t just bricks and mortar,” he said. “It’s a tool that … can show that’s how you do business when you get to Cleveland.”