CLEVELAND, Ohio (WOIO) - We’ve all known it as the Huntington Building but very soon that Cleveland landmark will transition to The Centennial Cleveland, as despite the pandemic, downtown Cleveland has apparently managed to continue the momentum of residential growth.
The Millenia Companies, a local company, will begin a $500 million dollar project at East 9th and Euclid that will transform the Huntington Building into 860 apartments, anchored by a first-floor restaurant and a Western Reserve Historical Society Exhibit.
The Cuyahoga County Council Economic Development and Planning Committee on Monday approved a financing package that will now be moved to the full council for discussion.
A key component of the project is that the apartments are scheduled for below-market rents, according to the developers as they laid out their plans to County Council.
That is certainly an under-served market according to Kerry McCormack, whose ward includes downtown.
“Say you’re a single parent and you can’t afford a market rate, this will be a place where you can live, walking distance to everything, easy access to buses, trains, anything you need,” he said.
And as part of the financing of the project, the developers are required to meticulously restore the unique features of the building including the historic atrium and the facade.
The renovation along with the massive Euclid Grand project, just around the corner, should re-invigorate a critical intersection of the city that has for years needed a boost.
“This area has been underutilized, dead, for many years and with Euclid Grand opening and The Centennial opening up it is going to revitalize this entire section, in the heart of our city,” McCormack said.