On September 15th, 2021, it was announced that Bedrock, a real estate firm specializing in the strategic development of urban areas, and the City of Cleveland would partner up to transform the riverfront in downtown Cleveland, connecting downtown and its residents and visitors to the riverfront.
This long term vision focuses on sustainability and resiliency, including new public open spaces, enhanced pathways to the riverfront, and transit-oriented development. The public investments will enable additional private investments and create opportunities for downtown property owners and developers at large to develop commercial, residential, retail, entertainment and adaptive reuse projects.
“The initial efforts will focus on replacing aging infrastructure with sustainable and resilient systems, providing for a more walkable, bikeable and transit friendly downtown. These public improvements will set the stage for a dramatic new riverfront community with thousands of homes, businesses, entertainment and community facilities and services,” said Kofi Bonner, CEO of Bedrock. Furthermore, the first step towards revitalizing Cleveland is reimagining Tower City. The iconic location will become a mixed-use development and a hub for shopping, pop-up retail experiences, dining, entertainment, while also introducing local small and minority owned businesses.
This announcement comes at a time when downtown Cleveland is poised for tremendous growth. More than 9,400 jobs have been added to downtown in the last decade and Cleveland’s downtown population has more than doubled since 2000, outpacing several other peer cities. With the Vision for the Valley project, the population is projected to grow to 30,000 residents by 2030.