Cuyahoga County Executive Ed Fitzgerald announced plans Tuesday to redevelop County-owned buildings, including the historic Ameritrust building.
The county has already dumped millions into the building, located at 900 Euclid Ave. in Cleveland. Now the county is selling it for far less.
The county has spent $45 million on the building since 2005. It is now making a deal with Geis Construction, selling it for $27 million.
Fitzgerald says the previous administration overpaid for the building.
"They weren't strategic about it. They overpaid for it. There were corruption issues associated with portions of it. As a result, this property which rightfully should be opened up to the public and part of our civic space continued to languish," said Fitzgerald.
Part of the deal includes tearing down the nearby P&H building and build a brand new county headquarters, with eight stories. The county will then rent it for 6.7 million dollars.
The county will pay the lease at 6.7 million per year, plus utilities. After 26 years, the county will own the building.