DOWNTOWN CLEVELAND, OH (WOIO) - The vacant, former Huntington Bank building, has changed hands again with hopes of turning it into a crown jewel of the downtown renaissance.
The massive building, now being referred to as 925 Euclid Avenue, has been mostly vacant for just under a decade as developers tried to generate capital to turn it into a mixed use, high-end space.
"We're going to have an enormous community impact. It's going to have an effect on four city blocks because of the size of the building," Kevin Brokaw said who is the lead developer. "And it's going to bring a lot of combination of amenities. People and office users that are really going to drive the economy here."
In May, The Millennia Companies purchased the building for $40 million from a Florida developer who tried for five years to get the project going but failed.
Millennia is a Cleveland-based company that already has several completed projects under its belt like Key Center, The Statler, The Garfield and 75 Public Square all in downtown.
According to a release from Brokaw Development Services:
The massive bank lobby space with marble columns stretching to a green glass canopy is said to be the biggest banking hall in the country according to Millennia.
To make the project go this time, Millennia hopes to have financing in place by the summer of 2019 to come up with the estimated cost of $300 million.
If that happens the project would have an estimated completion date of 2022.
The task of financing will be made a little easier with the recently awarded $25 million Catalytic Historic Tax Credit Award from the State of Ohio which has marked the project as one of the most important economic projects in the state.
The building at 925 Euclid has long been on the Downtown Cleveland Alliance's list of projects that could help get the area to 20,000 residents living in downtown by 2020.
Initial plans are calling to 250 to 275 living units that will be both for sale condos and rental units.
It's also expected to have an estimated 250,000 square/feet of Class A office space.