Latest Project Progress

Project Scarlet has been awarded a $5 million State of Ohio Historic Preservation Tax Credit. This highly competitive funding underscores the historical and economic significance of the redevelopment of the Rose Building, formerly home to Medical Mutual. Combined with federal historic tax credits, this milestone marks $17 million in secured funding for Project Scarlet, further solidifying its role in Cleveland’s revitalization.

The historic Rose and Sloan buildings have officially transferred ownership, marking a major milestone for Project Scarlet. This closing sets the stage for redevelopment efforts that will preserve the buildings’ legacy while introducing new hotel and residential experiences to downtown Cleveland. Next steps include finalizing designs and preparing for construction to bring this vision to life.

The City of Cleveland just announced a major pedestrian and bike safety initiative that will convert Prospect and Huron into a one-way pair, with the area’s first protected bike lanes. This quick-build project supports the long-term vision of creating a more walkable, connected, and community-driven Downtown. As a key gateway corner of this transformation, the Rose Building sits at the heart of the new street design. While we don’t take credit for the city’s efforts, we’re proud to be part of a movement that prioritizes people and to help bring a new chapter of energy and accessibility to the center of Cleveland.

Project Scarlet reached a powerful visual milestone with the installation of its official signage atop the historic Rose Building in Downtown Cleveland, visible from East 9th and beyond.