(Cleveland) – It’s taken a number of years, but expansion is finally coming to Steelyard Commons.
Cuyahoga County Executive Ed FitzGerald and Cuyahoga County Council approved the issuance of $5 million in taxable economic development bonds last week. The approval marks a financing milestone for the Steelyard Commons shopping center.
“The second phase of the Steelyard Commons is the latest example of how developers and the county are working together to make smart use of resources. Steelyard Commons has been a solid and steady success and we look forward to this expansion being another positive addition to our local economy,” says County Executive Ed FitzGerald.
Steelyard Commons is a million square foot retail center located along the Cuyahoga River just west of Cleveland’s downtown. Its name comes from its site, an abandoned steel mill.
Since its opening in 2007, FitzGerald says Steelyard has been the site of more than 1,100 new jobs – 82% filled by Cleveland residents. The site is also a revenue generator for area economic development projects; much of the tax revenue generated from Steelyard Commons is earmarked for nearby neighborhoods and the development of the Towpath Trail.
Phase I of the Steelyard Commons was the first of its kind to bring the scale of retail that it did to an urban environment while repurposing the area.
Phase II of the Steelyard Commons expansion will total approximately 197,000 square feet and is expected to bring in $20 million per year from retail sales.
The $5 million in taxable economic development bonds will be repaid by revenues generated from the expanded retail site.
Construction is anticipated to begin this month.
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