Big Money: Flats Redevelopment Project Lands $54 Million Dollar Loan From City and State

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CLEVELAND, OH (WOIO) - A redevelopment project that was put on hold in Cleveland's Flats after running out of money just received two massive loans totaling $54-million-dollars.

The City of Cleveland shoveled out a whopping $30-million and the state of Ohio forked out $24-million to get the project up and running again. Federal stimulus money was also added.

The Wolstein family and Fairmount Properties redevelopment project includes an office tower, hotel, park and more. The project was started in 2008 but was put on hold when the economy went bad.

You won't see any apartments, condominiums or anything residential built until the housing market heals.

The project is expected to be completed in 2012.

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