Foss & Company’s Major Investment in Cleveland's Historic Erieview Tower Redevelopment

Foss & Company’s Strategic Investment in Erieview Tower

Foss & Company, a prominent tax equity syndicator, has recently made headlines by committing substantial financial resources towards the redevelopment of the historic Erieview Tower in downtown Cleveland, Ohio. Announced on September 10, 2026, this investment harnesses both the Ohio Historic Preservation Tax Credits and the Ohio Transformational Mixed-Use Development (TMUD) Tax Credits, marking a significant step in revitalizing one of the city’s iconic landmarks.

Transforming Erieview Tower

Located at the intersection of East Ninth Street and St. Clair Avenue, Erieview Tower has stood tall since 1964, reaching a height of 529 feet, making it the fifth tallest building in Cleveland. It is also listed on the National Register of Historic Places. This transformative project will see Erieview Tower converted into Cleveland’s first W-branded hotel and the first luxury hotel under Marriott International to open since the Ritz-Carlton made its debut in 1990.

Project Features

The redevelopment plan involves an impressive range of amenities, totaling approximately 19,000 square feet of shared spaces. This includes a lobby lounge, a restaurant and bar at the street level, a full-service spa, and a cutting-edge fitness center. Additionally, a 15,000-square-foot ballroom along with various meeting spaces will cater to events. Setting a new standard for dining experiences in the city, a signature restaurant with event space and a bar will be situated on the 38th floor—an impressive 480 feet above the street—affording diners breathtaking 360-degree views of both downtown Cleveland and Lake Erie. This venue is poised to become the highest rooftop restaurant and bar in Ohio.

Economic Impact

Foss & Company estimates that the redevelopment will generate about $102.6 million in qualified rehabilitation expenditures. To support this, it will provide $10 million in Ohio Historic Preservation Tax Credits and approximately $13.1 million in Ohio TMUD Tax Credits. Furthermore, the company will act as a bridge lender for these state credits, which is crucial for the project’s funding and execution.

Eric Brubaker, Partner and Managing Director at Foss & Company, emphasized the importance of such catalytic developments stating, “Erieview Tower is the kind of catalytic redevelopment our state credit and bridge financing programs are built to support.” By successfully structuring the historic preservation and mixed-use development tax credits alongside bridge capital, high-impact projects like this can move forward. He expressed pride in participating in the revitalization of a beloved downtown Cleveland landmark.

Collaborators and Future Timeline

The redevelopment effort of Erieview Tower is backed by Erieview Development, with KJK serving as the lead counsel and TurnDev taking charge as the project manager. Anticipated completion dates are set for the W Residences by 2027, while the hotel guest rooms, alongside the impressive 38th-floor dining venue, are expected to be operational by 2028.

About Foss & Company

Established in 1983, Foss & Company has established itself as a national investor and fund sponsor specializing in tax equity. With a proven track record, the firm has allocated over $11 billion in tax equity for various projects spanning historic renovations, renewable energy, and advanced energy production. By navigating the intricacies of tax equity investments effectively, Foss & Company plays a pivotal role in helping its partners achieve significant development goals. For more details on their initiatives and investments, feel free to explore their official website at www.FossandCo.com.

This redevelopment is not just a financial investment; it stands to breathe new life into downtown Cleveland, contributing not only to the local economy but also enhancing the urban landscape with a fresh, modern aesthetic while honoring historic architecture. As construction progresses, the city can anticipate a bright future characterized by vibrant community hubs and increased tourism, all stemming from endeavors like the Erieview Tower project.