Massive Cleveland Historic Building’s Massive Transformation
- Jun 18, 2015
More details have come to light about the redevelopment of Cleveland’s former Huntington Building. On June 16, during a press tour of the historic building, the new owner revealed that it intends to convert the mammoth structure into a mixed-use property.
Newmark Grubb Knight Frank announced last week that Florida-based Hudson Holdings LLC purchased the property at 925 Euclid Ave. from Optima925 LLC, for $22.5 million. The new owner now plans to start work on a renovation worth more than 12 times what it paid for the historic office building. The total cost of the project is $280 million.
According to The Plain Dealer, the renovation project will create 550 new apartments, with hotel-style services for tenants, 300 hotel rooms, 200,000 square feet of retail space, a lobby open to the public once more, and a rooftop restaurant and club. The property will also have 400,000 square feet of office space, a lot less than the 1.4 million square feet it has now. This might be a good thing, as the building is currently only 8 percent occupied.
During the press tour, Andrew “Avi” Greenbaum, a founder & principal of Hudson Holdings, said that the $280 million renovation will preserve the history of the building and will not include exterior changes. He added that his company hopes to start work in the first quarter of 2016. But before this can happen, the developers still have to put together financing and obtain various permits. The project is expected to be completed no later than 2018.
Photos courtesy of Newmark Grubb Knight Frank.