Downtown Cleveland high rise redevelopment clears hurdle

Posted at 6:05 PM, Jan 24, 2017
and last updated 2017-01-24 18:28:11-05

Developers of The 925 Building, formerly the Huntington Bank building at East 9th and Euclid Avenue in Cleveland, have cleared a hurdle on their way to redeveloping the massive property.

On Monday night, Cleveland City Council voted to approve tax abatement on the 1.4 million square foot project. A Miami-based firm bought the building two years ago and plans to turn it into apartments, a hotel, office space and retail at a price tag of about $300 million.

The 93-year-old building has a palatial bank lobby that currently sits unused. Real estate broker Terry Coyne with Newmark Grubb Knight Frank said construction is expected to begin in May.

Meanwhile, an international firm is showing interest in the row of buildings right next door. Court-appointed receiver Mark Dottore told News 5 the old John Hartness Brown Building has a potential buyer, who has put $9.1 million in escrow. Now they’re waiting for a judge to rule on a series of foreclosure appeals. The previous owner defaulted on loans dating back to 2006.

Previous plans to open a La Meridian hotel never materialized. The new buyer is set to have his sites on opening a limited-service Marriott instead.

“This the last piece of property on Euclid Avenue,” Dottore said. "This is the gem. We need to clean this thing up to complete the Playhouse Square connection to the Public Square connection.”