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 / Updated  / Source: CNBC.com

Bygones are officially bygones in Cleveland, with LeBron James, who unceremoniously dumped the city in 2010 to take his basketball talents to Miami, declaring now that he will be heading back to the shores of Lake Erie.

But can James—not to mention the addition of Heisman Trophy winner Johnny "Johnny Football" Manziel to the Cleveland Browns' roster—help turn around the industrial rust-belt city's sluggish economy?

Is the metropolis once derided as "The Mistake by the Lake" about to stage a big rebound?

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Hopes are high.