Developers of the long-awaited Flats East Bank development broke ground in the worst economy in generations by hook or crook, breaking the project into phases and layering public-private financing together in a deal that was dizzyingly complex.

This week, they're singing a different tune as they celebrate new leases from five high-profile restaurant tenants, including well-known Akron restaurateur Ken Stewart and national country music venue chain Toby Keith's I Love This Bar and Grill.

Four new restaurants will open as part of Phase I, which is expected to be complete in 2013. I Love This Bar and Grill will open as part of Phase II, which the developers hope to break ground on next year if they can assemble financing.

Ken Stewart's, well-known for steak and seafood, will add a new name to the downtown restaurant scene. Lago will move its successful Tremont location to a new, larger space in the Flats East Bank. Flip Side is a gourmet burger bar with two locations in Hudson and Columbus, while Dos Tequilas will be a high-end, urban taqueria.

Toby Keith's I Love This Bar and Grill will add a new element to the downtown music scene. The developers hope the venue, a barbeque joint that will be shaped like a guitar, will tap into an unmet demand for live country music in Cleveland.

"We had interested operators from the beginning, but we took our time to select those that were most exciting," says Randy Ruttenberg with Fairmount Properties. "We're currently working on the capital stack for Phase II, which will feature around 150 residential units, waterfront retail and entertainment."

Source: Randy Ruttenberg
Writer: Lee Chilcote