Tuesday, September 26, 2023

Cleveland, Bedrock OK roles in $3.5B project

This is Bedrock Real Estate’s masterplan for its 3.5-million-square-foot,
$3.5 billion Cuyahoga Riverfront development in downtown Cleveland.
The city approved a revised master development agreement to move
forward  with the new development (Adjaye Associates).

Yesterday, at its regular weekly meeting, Cleveland City Council voted to approve an updated and expanded Master Development Agreement (MDA) between Bedrock Real Estate and the city of Cleveland that serves as a guiding framework for Bedrock’s planned $3.5 billion riverfront development project. As one might expect, with such a large, multi-phase development, the project and its legal and fiscal frameworks are very complex. But the new frameworks helps spell out what is expected of each party.


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