The Port of Cleveland’s Board of Directors approved on Thursday, October 24, financing to help redevelop the former Parmatown Mall. The Port will provide up to $10 million in tax increment financing revenue bonds from the Common Bond Fund Program, the Port of Cleveland said in a press release.
Located in Parma, eight miles southwest of downtown Cleveland, Parmatown Mall is a retail shopping mall that opened 1956. In 2012, the Cincinnati-based Phillips Edison & Co. bought the 82.5 acre site including the Parmatown Mall, an adjacent strip center, the vacant Macy’s building, and two office buildings.
The redevelopment will be called the Shoppes at Parma and will include a renovated and reconfigured enclosed mall, a renovated and re-merchandized strip center, new outparcel developments and renovations to the two office buildings. The Shoppes at Parma will be anchored by Dick’s Sporting Goods, JCPenney, Marc’s and Walmart.
William Friedman, president and CEO of the Port of Cleveland, said that the City of Parma identified the redevelopment of the mall and site as a top priority.
About The Port of Cleveland
The Port of Cleveland is a key to Northeast Ohio’s global competitiveness by providing the quickest route between North American’s Heartland and Northern Europe. An economic engine for Northeast Ohio, the Port brings 13-million tons of cargo through the Cleveland Harbor, and with it $1.8 billion in annual economic activity and nearly 18,000 jobs. As a Green Port on a Great Lake, the Port of Cleveland plays a key role in the environmental restoration and revitalization of Lake Erie and the Cuyahoga River.