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Cleveland City Council this month approved a tax break in the form of tax increment financing (TIF) for the renovation and reconstruction of the Huntington Bank building on the corner of Euclid Avenue and East 9th Street.
Hudson Holdings of Delray Beach, Fla., is planning to convert the 22-story landmark – now mostly vacant -- into apartments, hotel rooms, office space and retail space.
Image from hudsonholdings.com
The $280 million project is expected to begin later this year and take two years to complete. It will create 1,000 construction jobs and 450 permanent jobs. The city will gain an estimated $1.6 million in income taxes.
When the building was completed in 1924, it housed the world’s largest bank lobby, which, still today, features enormous marble Corinthian columns, barrel vaulted glass ceilings and brilliant murals. All of these classic features and priceless arts will be preserved and displayed in all their grandeur.
The building sits across Euclid Avenue from the former Cleveland Trust Bank building, another classic structure which has been renovated and turned into a Heinen’s grocery store.