Cleveland Heights, Ohio has taken a significant step towards revitalizing a historic area with the approval of $15 million in taxable lease revenue bonds by the Port of Cleveland. These bonds will support the Taylor Tudor Plaza project, marking another crucial milestone for this development. On October 10th, the board of directors at the port authority approved the application submitted by the City of Cleveland Heights and WXZ Development Inc., based in Fairview Park. The first phase of the project demands an investment of $25 million and intends to transform a widespread area that may extend from the historic Tudor-style buildings to the Taylor Commons shopping plaza.

City authorities envision a broader neighborhood revitalization effort worth potentially $150 million, covering the Stadium Square Historic District. The commencement of construction is anticipated by the year's end with a target completion date set for the second quarter of 2026. "The Taylor Tudor project stands as the pivotal element of the Cain Park Village revitalization initiative," noted the Cleveland Port Authority in an announcement. This undertaking involves redeveloping city-owned, vacant historic buildings acquired at a nominal cost of $200 through the Cuyahoga County Land Bank in 2021. The redevelopment will yield 44 apartments, eight of which will be "live-work units."

Additionally, the project will introduce amenities such as fitness and office spaces along with 11,000 square feet allocated for street-level commercial use. Dating back to their construction between 1927 and 1929, the Taylor Tudors were awarded a $6 million tax credit for historic preservation by the state last year. Earlier this year, in March, the City Council and the Cleveland Heights-University Heights School Board sanctioned tax increment financing (TIF) for the project’s initial phase. Based on a projected $6 million value post-completion, the TIF will generate $265,000 annually.

This revenue is slated to be divided, with 24% allocated to the CH-UH school district, 6% to the city, and the remaining 70% directed towards servicing the developer’s debt. While the issuance date of the taxable lease-revenue bonds is still pending announcement, this financial backing underscores a pivotal step forward in leveraging historic preservation for urban renewal.