1.10 | 2011

Deal for properties near temporary casino suggests Frangos aims to capitalize on location

Seizing a downtown Cleveland real estate opportunity that the advent of casino gambling promises to enrich, developer and parking lot proprietor Louis Frangos is the new owner of most of a key block near Quicken Loans Arena and Progressive Field.

It's the first appearance of big-league bucks — $9 million — trying to stake out ground near the potential temporary casino at the Higbee Building and the planned casino to be built on Huron Road south of Tower City Center.

In a series of four transactions — the last as recent as last Monday, Jan. 3, and the oldest dating to November — a partnership linked to Mr. Frangos, USA Parking Systems Prospect LLC, shelled out a total of $9 million for most of the block on the southeast corner of Ontario Street and Prospect Avenue

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2008

County commissioners paid $22 million for the property, where they planned to build government offices. They invested about $15 million more before abandoning the plan and setting a minimum price of $35 million to sell.
K&D offered the county $35,005,000, and commissioners are expected to snap it up. In the end, the county will have lost about $3 million on the transaction.
Debate continued Tuesday about the prudence of the county's Ameritrust purchase.

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2008

College Town - Creating a District
Situated along one of Cleveland's most recognizable arterial streets, the development of a College Town at Cleveland State University is conceived to take advantage of it's critical location and surrounding synergy that is now gaining momentum. Euclid Avenue's history has spanned from it's early 19th century growth and wealth struggles through the Great Depression, depreciation and change in scale in the mid-20th century, to its current state of reinvention and redevelopment.
Once heralded as "The Showplace of America", Euclid Avenue's "Millionaires' Row" was home to many of Cleveland's wealthy entrepreneurs and successful business. Linking Public Square to the eastern suburbs, Euclid Avenue's importance as a connector has remained as its condition and overall aesthetic has changed throughout its rich history.

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