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City Council approves $ 2 million loan for Nautica Aquarium

Monday, September 28, 2009 at 5:31 PM

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The city of Cleveland has approved a 2 million dollar loan to a private developer for an aquarium in the west Flats. ideastream®'s Ida Lieszkovszky reports.

The aquarium proposed by Jacobs Investments is expected to cost 9 and a half million dollars.  David Grunenwald is vice president of development for Jacobs Investments. He says that using an existing building, the Powerhouse in the flats, will make the project easier in several ways.

Grunenwald:  We end up with a very competitive aquarium compared to those around the country and we can do it in a way that’s economical because we’re starting with the shell of a very beautiful building as well as the necessary parking and the amphitheatre which we expect to use for aquatic events and shows related to the aquarium as well as a quarter mile boardwalk

Grunenwald says they hope to start construction early next year, and to open the facility by next summer.  The aquarium is projected to bring 40 jobs to the flats, and between 9 and 27 million dollars in annual profits once completed.

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Economy, Regional Economy/Business - News, Other

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