Jacobs Investment Inc. has announced plans to invest $405 million into the Nautica Entertainment Complex in the Flats.
The announcement includes plans for a mixed-use development that features living, working and entertainment options. The redeveloped space will be known as the Nautica Waterfront District.
Downtown Cleveland Alliance President Joe Marinucci says the project will not only improve the west bank of the Flats, but also bring people and jobs to the city.
“It really does provide for an additional amount of residential, office and hotel investment--really to take this to a new level," Marinucci said. "It really is an exciting development, and we think it would be a great addition to the west bank of the Flats.”
Construction is expected to start in 2018 and will take seven years to complete. The original complex opened in 1986 featuring entertainment and housing options.