Foss & Company Provides Tax Equity Investment for Erieview Tower Redevelopment in Cleveland
Foss & Company has announced its role as tax equity investor and bridge lender supporting the redevelopment of Erieview Tower, a historic downtown Cleveland landmark. The project will transform the building into W Cleveland, featuring a luxury hotel and residential community under Marriott's W brand—the first such property in Ohio since the Ritz-Carlton opened in 1990. The development includes significant amenities like rooftop dining on the 38th floor with panoramic views of Lake Erie and downtown Cleveland. The redevelopment is expected to generate $102,613,690 in qualified rehabilitation expenditures, qualifying for $10 million in Ohio Historic Preservation Tax Credits and $13.089 million in Transformational Mixed-Use Development (TMUD) Tax Credits. Foss & Company will also serve as a bridge lender to facilitate the project's financing structure. Erieview Tower is being redeveloped by Erieview Development, with KJK acting as lead counsel and TurnDev managing the construction phase. The W Residences are expected to be completed in 2027, while hotel guest rooms and the rooftop restaurant will open in 2028.
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Topics: historic preservation tax credits hotel conversion real estate development