19 Action News has news on an economic development. What appears to be a blow to downtown Cleveland, could be a blessing in disguise.
Embassy Suites is one of the anchor businesses in Reserve Square. But the hotel only makes up a part of the building. Much of the building is already apartments run by the K&D group and reports are out they've have bought out the Embassy and are shutting it down.
The K&D group has yet to come out and announce the venture publicly, but we've confirmed with multiple sources that in December the Embassy Suites will close and be converted into apartments. Which will turn Reserve Square into one of the largest apartment buildings in downtown.
In full disclosure 19 Action News is also housed in Reserve Square. Although this will cost hotel employees jobs, the move seems to make economical sense. With the recent downtown growth, downtown apartments are 98% occupied.
Tiffany Johnson is the perfect example. "If there was an opening it wasn't until November or December."
She just moved to downtown a month ago from Akron to attend college at Cleveland State. "If they're going to close it off to make more apartments than I would have to say its a good idea because I've been through the process of trying to find a place to rent, it's not easy. I believe that more people should be living downtown, a lot of businesses are coming back downtown so it's good for the economy over here."
But on the flip side, downtown will be losing a hotel and the city looses the hotel-motel taxes that came with it.
"We just had our wedding celebration here and we utilized Embassy Suites for rooms because it was convenient so that our guests didn't have to drink and drive," said one Clevelander.