News Summary
The Port of Cleveland sanctioned an additional $25 million in bonds for the Erieview Tower Hotel redevelopment, part of a larger $54 million funding initiative. Newly appointed CEO Jeff Epstein emphasized the focus on economic growth and regional development. The hotel, featuring 210 luxury rooms and various amenities, marks a significant investment in downtown Cleveland, alongside other housing projects. Epstein aims to foster job creation and infrastructure improvements, contributing to the city’s economic revitalization.
Cleveland – The Port of Cleveland approved an additional $25 million in bonds for the redevelopment of the Erieview Tower Hotel during its board meeting on September 11. This financial support for the Erieview Tower Hotel is part of a larger funding initiative, which saw a total of $54 million in bonds granted for three development projects.
In a notable change of leadership, Jeff Epstein was confirmed as the new president and CEO of the Port of Cleveland at the same meeting. Epstein’s appointment followed a national search that attracted 35 applicants, and he will officially take on the role starting October 15, succeeding interim leader David Gutheil.
The funding approved by the Port’s board is expected to significantly bolster the regional economy, with board chair Dave Wondolowski emphasizing its importance. Epstein has outlined his focus areas for his administration, which include housing, maritime operations, small business development, and addressing financial navigation amid evolving tariffs and geopolitical dynamics.
The redevelopment of the Erieview Tower Hotel comes with an estimated total budget of $125 million. The project is developing the hotel aspect with plans for six floors dedicated to hotel rooms. The new hotel is set to feature a lobby, a ground-floor restaurant, a rooftop bar and restaurant, a spa, and a substantial 14,000-square-foot ballroom. This initiative is particularly significant as it will mark the debut of downtown Cleveland’s first luxury brand hotel since The Ritz-Carlton opened in Tower City.
Construction on the Erieview Tower Hotel is slated to commence in the fourth quarter of 2025, with an anticipated completion date by the end of 2026. The redevelopment is being led by Erieview Developer LLC, owned by the Kassouf family. The hotel will include 210 rooms under the luxury Marriott W brand and will also feature 227 “W” apartments, marking the first location for “W” apartments on a global scale.
In addition to the Erieview Tower project, the Port has also issued $20 million in bonds for the West 26th Apartments development in Ohio City. This project will consist of 109 residential units in a four-story building, complete with a fitness center, social lounge, and a rooftop deck. The West 26th Apartments are projected to be finished by November 2026.
Furthermore, Twain Financial Partners received $9.2 million in bonds to redevelop the former Ohio Bell office building into The Bell apartments and retail space, with a total project cost of $135 million.
During the same meeting, the Port of Cleveland also awarded $260,000 in community investment grants to seven local nonprofits, further demonstrating the Port’s commitment to community development.
The Erieview Tower had previously been awarded $55 million in taxable lease revenue bonds for its residential portion in July 2024. The overall scope of the Erieview redevelopment project also includes significant renovations to the nearby Galleria, which will transition into a venue for dining, entertainment, and a food hall.
As the Erieview Tower Hotel aims for completion in late 2026, the project is expected to create over 2,000 full-time jobs, contributing to the economic revitalization of downtown Cleveland.
Espousing a multifaceted approach, Epstein’s leadership at the Port of Cleveland will likely prioritize leveraging such developments to foster a resilient economic environment in the region, aligning with the strategic goal of enhancing local infrastructure and job creation.
With the convergence of new leadership and substantial investments, Cleveland appears poised for a vibrant future as these developments take shape.
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Additional Resources
- Crain’s Cleveland: Port of Cleveland Issues $54 Million Bonds
- Google Search: Port of Cleveland bonds
- Cleveland.com: Erieview Tower Redevelopment Closes on Financing
- Encyclopedia Britannica: Erieview Tower
- WKYC: Erieview Tower Converted to Luxury Hotel and Apartments
- Google News: Erieview Tower redevelopment
- Crain’s Cleveland: Erieview Tower Redevelopment Underway
- Google Scholar: Erieview Tower redevelopment
- Hotel Dive: Marriott Expands Luxury W Hotels in Ohio
- Wikipedia: Marriott International
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