News Summary
Bedrock, led by Dan Gilbert, has appointed Richard Mandell as Chief Administrative Officer and secured a $9.1 million tax credit for its $3.5 billion Riverfront Development project in Cleveland. The project aims to transform downtown spaces along the Cuyahoga River, featuring mixed-use buildings and public amenities. This comes as construction for the first phase progresses with plans to create job opportunities and enhance the urban living experience.
Cleveland – Bedrock, a prominent real estate development company owned by Dan Gilbert, has made significant leadership changes and secured a $9.1 million tax credit for its ambitious $3.5 billion Riverfront Development project along the Cuyahoga River in Downtown Cleveland. The announcement was made on September 11, 2024, and comes as construction on the inaugural phase of the project progresses.
Richard Mandell has been appointed as the new Chief Administrative Officer (CAO) of Bedrock, adding to his extensive experience in the real estate sector. Meanwhile, Nick Barlage, the CEO of Rock Entertainment Group and the Cleveland Cavaliers, is set to enhance his influential role locally and will work collaboratively with Bedrock to push forward several key initiatives including The Riverfront, Rock Block, and Tower City Center. Although Barlage’s title remains unchanged, his increased involvement highlights Bedrock’s strategic direction in Cleveland.
The announcement of Mandell as CAO marks the second leadership change at Bedrock in just two months. Current CEO Kofi Bonner is set to retire at the end of the year. President Jared Fleisher will succeed Bonner, navigating the company through its evolving landscape. Both Mandell and Barlage have been acknowledged as essential assets, firmly committed to Bedrock’s values and development goals.
In a significant financial boost, the Ohio Tax Credit Authority recently awarded Bedrock a $9.1 million tax credit as part of a broader initiative involving $2 billion in tax credits spread across nine different projects. This funding supports the first phase of the Riverfront project, which aims to transform 11.5 acres of current surface parking lots into a thriving urban district located behind Tower City.
The initial phase of the Riverfront Development includes a 560,017-square-foot, 17-story mixed-use building which will house a 190-room hotel, a 6,100-seat live entertainment venue, restaurants, retail spaces, and structured parking options. Public amenities will feature a plaza, riverwalk, park space, and a kayak launch. The total estimated cost for this phase alone hits nearly $489 million, which is expected to generate around 2,944 construction jobs and 548 permanent positions once completed.
Construction has also begun on the Cleveland Clinic Global Peak Performance Center, with completion anticipated in 2027. This center will serve as the new training grounds for the Cleveland Cavaliers. Overall, Bedrock’s comprehensive master plan for the Cuyahoga Riverfront covers a substantial 35 acres and aims to incorporate 12 acres of publicly accessible spaces, including parks, trails, and a 3,000-foot riverwalk.
The Riverfront Cleveland initiative is a key element of Mayor Justin Bibb’s Shore-to-Core-to-Shore project aimed at connecting downtown Cleveland with its waterfront areas. The Cleveland Planning Commission approved Bedrock’s design for the Cuyahoga Riverfront Master Development Plan on February 7, 2025, following extensive public consultations that received over 900,000 comments.
The development’s focus on creating an “18-hour neighborhood” aims to improve access and connectivity with city assets while ensuring equitable opportunities for Cleveland’s communities. As construction progresses, these strategic developments are set to enhance the urban living experience along the Cuyahoga River and revitalize Downtown Cleveland.
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Additional Resources
- Crain’s Cleveland: Bedrock Announces New C-Suite Exec
- Wikipedia: Cleveland
- Cleveland.com: Metroparks Board Approves Flats Riverfront Development
- Google Search: Cleveland Riverfront Development
- WKYC: Bedrock Riverfront Cleveland Project Development
- Google Scholar: Cleveland Urban Development
- News 5 Cleveland: Ohio Awards Dan Gilbert’s Bedrock $9M Tax Credit
- Encyclopedia Britannica: Cleveland Development
- Axios: Bedrock Riverfront Plan
- Google News: Bedrock Cleveland Development
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CLEVELAND STAFF 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
