Cleveland
Akron’s Key Building to Hit the Auction Block; Canton’s Huntington Plaza Sold to Ameritrust
One of downtown Akron’s landmark office towers will soon hit the auction block. The Key Building will be offered at a public auction in late February through Auction.com.
The 11-story building was constructed in 1911. It sits on 0.42 acres at 159 S. Main St. According to Auction.com, the former KeyBank Building was 29.95% occupied as of October 31, 2012. It has 158,259 square feet of rentable space. In 1988, the building underwent renovations. The property is located next to many city attractions. Lock 3 Park, John S. Knight Center, and Canal Park are all nearby.
Westin Cleveland Downtown to Open in Spring 2014
Optima Ventures partnered with Sage Hospitality to buy and renovate downtown Cleveland’s second-largest hotel, The Crowne Plaza Cleveland City Center. They paid $9 million cash for the hotel and parking garage and invested $64 million to turn it into a luxurious Westin. Now,the joint venture has announced an opening date for The Westin Cleveland Downtown: Spring 2014.
Willoughby, Ohio-based Marous Brothers Construction, the project’s general contractor, started remodeling the property at t 777 E. St. Clair Ave. in December. Upgrades include a complete renovation of all guest rooms, of meeting space and all public spaces. The new exterior façade will feature metal panels and LED lighting that rotates through a range of colors.
Kent State Board of Trustees Approves $150M in Campus Construction Projects
Kent State University’s Board of Trustees hired the Ruhlin Company to manage the $150 million, four-year construction and renovation project known as the “Foundations of Excellence, Building the Future.” The Sharon Center, Ohio-based company was selected after a competitive bidding and interview process. During the next four years, Ruhlin will manage these four primary projects:
Cleveland Metropolitan School District to Auction Off Headquarters in March
The Cleveland Metropolitan School District’s headquarters building will go up for auction next year.
Mercy Medical Center Plans Expansion; Ohio City to Receive 72 Market-Rate Apartments
Canton’s Mercy Medical Center plans to increase the size of its emergency department. According to the Akron Beacon Journal, the hospital is looking to finalize plans for the 14.5 million-square-foot renovation and construction project.
Hyland Gets Tax Breaks for Westlake Expansion; Diebold Suspends Plans for New HQ
Earlier this month, the city of Westlake’s planning commission approved Hyland Software Inc.’s plans to build an office across the street from its headquarters on Clemens Road.
Parmatown Mall Sold to Phillips Edison & Co.
Cincinnati-based Phillips Edison & Co., a fully integrated retail real estate company, is the new owner of Parmatown Mall, one of the largest retail properties in Northeast Ohio.
Developers Start Work on Luxury Aloft Hotel in Beachwood
BGL Real Estate Advisors, a subsidiary of Brown Gibbons Lang & Co., and Cleveland real estate developer Scott Berkowitz broke ground on Monday, Oct. 15, on a luxury aloft hotel at the Chagrin Highlands corporate center in Beachwood.
Noble Investment Group Buys Embassy Suites Cleveland-Beachwood
Atlanta-based Noble Investment Group, a leading private lodging and hospitality organization, has purchased the Embassy Suites Cleveland/Beachwood hotel in Beachwood. It is the investor group’s sixth acquisition this year.
Hilton Garden Inn Sells for $12.4M at Auction; K. Hovnanian Buys Meadow Lakes
By Adrian Maties, Associate Editor The Hilton Garden Inn Cleveland Downtown will soon have a new owner. JPMCC 2006-LDP7 Carnegie Avenue L.L.C., a representative for the current mortgage holder, submitted the winning bid at a sheriff’s auction on the morning of Aug. 27, The Cleveland Plain Dealer reported. Standing 11 stories tall, the hotel opened […]