News Summary
Cleveland has finalized a $100 million redevelopment agreement with the Haslam Sports Group to transform the lakefront area. This deal supports the future of the Cleveland Browns’ stadium and adds to the city’s $250 million funding plan for lakefront redevelopment. Construction is expected to start next year, with state and federal funding exceeding $150 million. While city officials express optimism, some council members raise concerns about potential financial implications for taxpayers.
Cleveland Signs $100 Million Lakefront Redevelopment Deal
The City of Cleveland has officially signed a $100 million redevelopment agreement with the Haslam Sports Group (HSG), marking a significant move towards transforming the lakefront area and securing the future of the Cleveland Browns’ stadium. This agreement was formalized through the signing of a term sheet, which outlines the full terms of their partnership.
This deal not only signifies the beginning of major redevelopment efforts but also pushes the total funding for lakefront redevelopment under Mayor Justin Bibb’s Cleveland ERA plan past $250 million. Legal teams representing both the city and HSG have finalized the term sheet, indicating a major step toward a binding settlement that will reshape Cleveland’s lakefront.
The deal will also facilitate the Cleveland Browns’ plan for a new enclosed stadium in Brook Park, which is expected to be completed by 2029. If required, there will be an option for the team to remain at their current Huntington Bank Field site until early 2031. The city aims to finalize the entire deal by November 24, at which point it will receive an initial payment of $25 million upon full approval.
Funding and Development Plans
To date, over $150 million in state and federal funding has been secured for the lakefront project. This includes $80 million awarded last year and an additional $70 million from federal funds announced earlier this spring. In addition, the agreement underscores the commitment of both parties to collaborate on projects that are interlinked with the modernization of Cleveland Hopkins International Airport and the Bedrock riverfront initiative.
Upon signing the term sheet, construction for the new stadium complex is anticipated to start next year, as HSG has already begun site preparations. The agreement allows the Browns to extend their lease at Huntington Bank Field for one additional year with a potential option for a second year in case of construction delays.
Community Impact and Council Concerns
HSG Principal Partners Dee and Jimmy Haslam expressed enthusiasm about the potential transformation of the lakefront, highlighting the importance of the project in boosting community investment within Cleveland. Furthermore, Mayor Bibb articulated that redeveloping the lakefront is expected to foster a new sense of community and belonging among Cleveland’s residents.
Despite the positive outlook from city officials and project partners, some members of the Cleveland City Council have expressed concerns regarding the financial impacts of this settlement. Council President Blaine Griffin and other council members indicated the need for a thorough investigation into the agreement to ensure that it does not place undue financial burdens on taxpayers.
As Cleveland embarks on this major transformation initiative, all parties involved will work collaboratively towards realizing the potential of the waterfront and constructing a modern stadium that aligns with the city’s progressive vision.
Deeper Dive: News & Info About This Topic
HERE Resources
Haslam Sports Group Invests $100 Million in Cleveland Lakefront Revitalization
Cleveland Secures $69 Million Grant for Lakefront Revamp
Cleveland Port Approves Redevelopment Bonds for Erieview Tower Hotel
Cleveland Secures $69 Million Grant for Lakefront Redevelopment
Additional Resources
- Cleveland Browns News
- Crain’s Cleveland
- Cleveland.com
- WKYC News
- News 5 Cleveland
- Wikipedia: Cleveland
- Google Search: Cleveland lakefront redevelopment
- Google Scholar: Cleveland browns stadium redevelopment
- Encyclopedia Britannica: Cleveland
- Google News: Cleveland lakefront development
Author: STAFF HERE CLEVELAND WRITER
The CLEVELAND STAFF WRITER represents the seasoned team at HERECleveland.com, your premier source for actionable local news and information in Cleveland, Cuyahoga County, and beyond, delivering "news you can use" with in-depth coverage of product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news impacting the region—backed by years of expert reporting and robust community input, including local press releases and business updates, while providing top reporting on high-profile events like the Rock and Roll Hall of Fame inductions, Cleveland International Film Festival, and holiday parades, alongside key organizations such as the Cleveland Clinic, Cleveland Orchestra, and Great Lakes Science Center, plus leading businesses in manufacturing and healthcare like Sherwin-Williams and University Hospitals, and as part of the broader HERE network including HEREDayton.com, offering comprehensive, credible insights into Ohio's vibrant landscape. HERE Cleveland HERE Dayton
