Playhouse Square Parking Lot Lease and Development Option
Cleveland
Summary
The city is leasing a municipal parking lot at 1301-1325 Chester Avenue to Playhouse Square Foundation for 10 years, with an option to buy for $1.6 million. The deal aims to support the entertainment district's growth while securing steady revenue and future development potential.
At a glance
- Total mentions
- 2
- Last 30 days
- 0
Discussed at 2 meetings in the last 60 days; most recently Sep 21, 2026.
Impact analysis
Generates $25,000 annually in lease revenue plus property taxes, with a potential $1.6 million sale if the purchase option is exercised.
Playhouse Square Foundation gains control of a strategic downtown parcel for parking and future development, while the city secures reliable revenue.
Mentions & discussions (2)
Finance, Diversity, Equity and Inclusion Committee — September 21, 2026
The city is leasing a parking lot adjacent to the former Greyhound bus station on Chester Avenue to Playhouse Square Foundation for 10 years, with an option for them to purchase the land for $1.6 million for future development.
Development, Planning and Sustainability Committee — September 15, 2026
The city is leasing a municipal parking lot at 1301-1325 Chester Avenue to Playhouse Square Foundation for 10 years, with an option to buy for $1.6 million. The deal aims to support the entertainment district's growth while securing steady revenue and future development potential.
Related development
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