Dive Brief:

• Cleveland, Ohio has approved a $700 million project to develop 20 acres of lakefront property on Lake Erie near the city's business district.
• The project will bring over 1,000 apartments, 800 parking spaces, 80,000-square-feet of office space, 60,000-square-feet of retail space, a hotel and a charter school to the area, which is currently dominated by industrial buildings.
• The project was won by Cumberland Development and Trammel Crow. 

Dive Insight:

“Cleveland is one of the few cities that does not properly utilize its lakefront,” said Ross Halloran, SVP of capital solutions for Bellwether Enterprise, which will provide financial services to the project. “In Chicago, the lake is a showpiece, in Cleveland, however, everyone can see the lake, but it’s six blocks away.”

Until now, the land was used by the Cleveland-Cuyahoga County Port Authority. The land is next to FirstEnergy Stadium and the Rock and Roll Hall of Fame.