CLEVELAND, Ohio — Hudson Holdings, the owner of the former Huntington Building on Euclid Avenue, has purchased the nearby Statler Garage to secure parking for a $280 million redevelopment project.
Andrew “Avi” Greenbaum, a Hudson principal, confirmed that his company bought the 315-space parking garage in a transaction that closed late Monday. Public records related to the sale haven’t popped up yet, but Greenbaum said the purchase price was $6 million.
The garage, at 1111 Euclid Ave., sits just west of the Statler Arms apartments. It’s not connected to the former Huntington Building, now called the 925 Building. But the parcels of land beneath the buildings actually do touch and the empty John Hartness Brown Building complex, which separates the 925 Building and the garage, could be up for grabs. The JHB property, once earmarked for a Le Meridien hotel, is the subject of a foreclosure dispute in Cuyahoga County Common Pleas Court and is under the control of a court-appointed receiver.
“I will reserve comment,” Greenbaum said, in response to a question about whether he’s interested in the troubled complex.
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Hudson Holdings owns the former Huntington Building, now called the 925 Building, at Euclid Avenue and East Ninth Street. The largely empty – and very large – building could be redeveloped with apartments, a hotel, offices, retail and event spaces.
Lisa DeJong/Plain Dealer file
Hudson, based in Delray Beach, Florida, bought the mostly vacant former Huntington Building last year.
The massive structure, at 925 Euclid Ave., won a highly sought state preservation tax-credit award in December for Hudson’s mixed-use makeover plan. The project could involve nearly 700 apartments, a business incubator, offices, a hotel and retail.
Greenbaum said full-bore construction won’t start until after the Republican National Convention, scheduled for mid-July in downtown Cleveland. But he expects to show off model apartments and hotel rooms before then. Hudson already has opened up the building’s soaring former bank lobby for events.
The building doesn’t include parking, though. Unrelated investors own the Huntington Garage to the north, on the other side of Chester Avenue. Buying the Statler Garage doesn’t satisfy all of Hudson’s parking needs, but it’s a start.
“We’re studying all of our options, and we expect to have some solutions to bring forward in the near-term,” Greenbaum said about additional parking opportunities and possible renovations to the Statler Garage.
“We feel that the garage is at a great location,” he added, pointing to the planned apartment renovation of the former Cleveland Athletic Club building across the street, the existing Statler Arms apartments next door and other nearby properties, including the Heinen’s grocery store at East Ninth Street and Euclid. “There’s plenty of room for growth, in terms of occupancy and revenues.
The seller of the garage was a company associated with David Spira, a real estate investor based in Brooklyn, New York, public records show.
The Newmark Grubb Knight Frank real estate brokerage, which is marketing office space at the 925 Building, represented Hudson in the transaction.
“The garage is in great shape, and it’s a strategic acquisition,” said Terry Coyne, vice chairman at Newmark Grubb Knight Frank in Cleveland.
Original source: Cleveland.com