CLEVELAND, OH (WOIO) - Cleveland City Council will help subsidize a project to renovate a downtown Cleveland landmark. The Statler Arms building on Euclid opened as a hotel more than 100 years ago. Today, efforts are under way to turn it into luxury apartments.
In January, a company called Millennia Housing purchased Statler Arms. According to legislation passed by the council, the company will spend over $56 million to buy and renovate the building.
In return, the city will offer taxation incentives known as TIF or Tax Increment Finance. At the completion of the project, it is estimated Statler Arms will generate over $240,000 annually in property taxes for the city schools.
“The Statler has a rich history and deserves to be preserved and brought up-to-date; we feel fortunate to be bringing new life to this particular piece of Cleveland history. The City of Cleveland has always been a great partner, and we appreciate the opportunity to work together to improve the quality of life for residents, create jobs and increase services,” said Senior Tax Credit Developer Tom Mignogna in a statement to Cleveland 19.
Reporter Brittany Bivins asked people around Cleveland what they thought of the idea. Buck McWilliams told her he spends his coffee break at Statler Arms, and he’s even taken a tour of the building.
"We go over there for coffee every day, a couple times a day. We've seen some of the insides of it," he said. "It's a historic place, and if you don't take care of it, it's going to crumble and it's going to reflect poorly on the city."
According to company representatives, the project will also create 26 new full-time jobs in downtown.