Cleveland agrees regeneration P3

Cleveland City Council has agreed to enter into a master development agreement with a private partner to redevelop the riverfront area, including Tower City.

Credit: Getty

The council has approved a plan to appoint Bedrock Management Services as its partner to help deliver its Vision for the Valley initiative - a broad plan for the future of the Cuyahoga River.

The development agreement commits both parties to work collaboratively to identify various improvements and establish a timetable for development. The parties will also work to identify public and private sector resources, “including federal, state, and local resources and private equity and debt”.

Cleveland Mayor Justin Bibb will now work to sign an agreement with Bedrock to establish the master developer agreement, allowing the parties to then consider how to fund the plans.