Cleveland City Council signed off a tax abatement Monday to help developers cross the finish line on a reimagined Erieview complex that will bring more than 600 new jobs to Downtown Cleveland.
The $231 million project, which includes Erieview Tower and the Galleria, will feature one million square feet of residential apartments, retail and office space, a Marriott W Hotel, restaurants, a rooftop bar, indoor sports infrastructure and more.
"This will be an anchor... Whatever happens with this project [and] with this property — and we know Galleria and most of this property has been emptied out lately — I think was set the tone for the Northeast Central Business District," Council President Blaine Griffin told his colleagues at a Monday meeting.
Developer James Kassouf acquired the Tower for $17.7 million in 2018. At the time of acquisition, the building was more than 50% vacant.
"This project keeps me up at night because if we can't get this one done, we're going to have one million square feet of very underutilized, open office space sitting on the market in Cleveland, Ohio," said Ward 3 Councilmember Kerry McCormack. "This is a great outcome for a building that needed a huge... shot in the arm for the vitality of our city, for the vitality of Downtown Cleveland."
Ward 3 includes Ohio City and most of the Downtown and Tremont and part of the Stockyard neighborhood.
Council members green-lit the 10-year, 75% tax abatement to move the project forward at their Monday meeting.
Developers said they expect to host a grand opening within two years.
