The Cleveland-Cuyahoga County Port Authority has approved $20 million in special obligation revenue bonds for Phase 1B of the Belle Oaks project, a 70-acre redevelopment of a former mall site in Richmond Heights, Ohio.
This phase, developed by DealPoint Merrill, will add 270 market-rate apartments across four buildings. The full project is expected to include 798 units, 105,000 square feet of retail and restaurant space, and a completed 157,000-square-foot Meijer store.
Economic Impact and Job Creation
The development is projected to generate over 1,400 construction jobs and 500 permanent positions in retail and other sectors. It’s also expected to bring 1,100 to 1,900 new residents to Richmond Heights once completed.
This approval follows $55 million in construction financing secured earlier this year for the project’s initial phase, which includes two buildings totaling 181 units. The site, once home to the Richmond Town Square Mall, closed in 2021 and was sold to DealPoint Merrill by Kohan Retail Investment Group.
For Richmond Heights residents, the transformation of this long-vacant mall into a mixed-use development could mean renewed economic activity, new local businesses, and a broader tax base. It also raises concerns about housing affordability and traffic patterns in the area.
Port Authority Approves Financing for Regional Projects
The Port Authority also approved financing for two other regional projects. In Middleburg Heights, The Allium development will receive up to $50 million in lease revenue bonds. This mixed-use project, part of the city’s Southland District plan, will include 14,000 square feet of retail space and is expected to create 66 full-time jobs within three years.
In Strongsville, a dual-branded Hampton/Home2 Suites hotel near SouthPark Mall was approved for up to $25 million in bonds. The four-story, 132-room hotel, developed by J-Roc Development LLC and Spark GHC, will span 73,000 square feet.
These approvals build on the Port’s recent financing activity, including $285 million in bonds for three Cleveland projects: the adaptive reuse of the Rose and Sloan buildings, the Gateway 66 affordable housing development, and the next phase of the Circle Square tower in University Circle.
Cleveland’s Multifamily Housing Outlook and Belle Oaks Impact
Cleveland’s multifamily pipeline is expected to remain limited in 2026, with just 920 units added this year—a 0.5% inventory increase, below the five-year average. This projection comes from a Marcus & Millichap report.
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The Belle Oaks project alone will add 798 units to the region, significantly contributing to local housing supply. It also includes 105,000 square feet of retail and restaurant space, enhancing community amenities.
Richmond Heights will see 1,100 to 1,900 new residents from the development, boosting its population and economic activity. The project’s 157,000-square-foot Meijer store is already completed, serving as a key anchor for the site.
DealPoint Merrill’s transformation of the former mall site addresses a long-vacant area, revitalizing it into a mixed-use community. The Richmond Town Square Mall closed in 2021, and its redevelopment marks a significant shift for the area.
Port Authority’s Regional Growth Initiatives
The Port Authority’s financing supports not only Belle Oaks but also projects like The Allium and the Hampton/Home2 Suites hotel, supporting regional growth. These initiatives create jobs, expand housing, and enhance local economies across Northeast Ohio.
With over 1,400 construction jobs and 500 permanent positions, Belle Oaks will have a substantial employment impact. The project’s 270 market-rate apartments in Phase 1B are part of a larger plan to add 798 units total.
The Allium development in Middleburg Heights will add 14,000 square feet of retail space and 66 full-time jobs within three years. This project aligns with the city’s Southland District plan, promoting economic diversification.
Strongsville’s new hotel, spanning 73,000 square feet, will cater to visitors near SouthPark Mall. Developed by J-Roc Development LLC and Spark GHC, it includes 132 rooms across four stories.
Cleveland’s recent projects, backed by $285 million in bonds, include adaptive reuse and affordable housing initiatives. The Rose and Sloan buildings, Gateway 66, and Circle Square tower reflect the city’s focus on urban revitalization.
Despite Cleveland’s limited multifamily pipeline in 2026, projects like Belle Oaks are addressing housing needs. The region’s development efforts aim to balance growth with community benefits, ensuring long-term sustainability.