very good news in the cle to end the month --
bridgeworks project is about to be fully funded and should get going later this year --
it's rather colorful and nice and it is on a prominent site --
Bridgeworks Project Will Reach Full Funding With $2 Million Loan From Cuyahoga County
The $100-million project will break ground this year, developers said
By Mark Oprea on Tue, Feb 28, 2023
Bridgeworks, the long-in-the-works mixed-use project that will bring 140 apartments, 130 hotel rooms, and a restaurant to the foot of the Detroit-Superior Bridge, inched closer to build stage this weekend when Cuyahoga County proposed a $2 million that would finalize funding for construction.
The Place-Based, Mixed-Use Loan, as the money is officially called, will top off the $103-million financing goal of M. Panzica and GRAMMAR, the developer team leading the Bridgeworks development.
The loan, which could be finalized in two weeks, follows a string of financial incentives, including a $223,000 Ohio Brownfield grant and a 30-year tax-increment financing agreement, that closes the money gap after years of cobbling together a capital stack to make it a reality.
“The county is excited to assist with a project that can help accelerate the growth of the Hingetown district in the Ohio City neighborhood,” Ronayne said in a statement.
"It will make a critical connection between the Ohio City neighborhood and the West Bank of the Flats," he added, "and will turn an underutilized property into a valuable community asset."
more:
https://www.clevescene.com/news/brid...ounty-41500080
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