The 925 Building Explained

The Centennial
Former Names:Union Commerce Bank Building
Location:925 Euclid Avenue Cleveland, Ohio 44115 United States
Building Type:Office/Hotel/Retail/Residential (Mixed Use)
Floor Count:21
Start Date:1921
Completion Date:1924
Roof:88.090NaN0
Floor Area:over 1,000,000 sq. ft.
Architect:Graham, Anderson, Probst & White
Cost:12.234 Million

The Centennial,[1] formerly The 925 Building,[2] and Huntington Building, originally the Union Trust Building, is a high-rise office building on Euclid Avenue in the Nine-Twelve District of downtown Cleveland, Ohio, USA. When the building was completed in 1924, it was the second largest building in the world in terms of floor space, with more than 30 acres (12 hectares) of floor space.[3] It also included the world's largest bank lobby, which today remains among the largest in the world. The lobby features enormous marble Corinthian columns, barrel vaulted ceilings, and colorful murals by Jules Guerin.

Design and history

The 289 foot (88 meters)[4] tall building was designed by the firm of Graham, Anderson, Probst & White, who were also responsible for the design of the Terminal Tower. It was renovated in 1975 under the direction of Cleveland architect Peter van Dijk, and again by Hines Properties in 1991. The building features a rooftop ticket lobby and waiting room designed for dirigible flights to New York and Chicago; the roof was never utilized because of the high winds from Lake Erie. In June 2010 it was purchased for $18.5 million by Optima International,[5] a Miami-based real estate investment firm led by Chaim Schochet and 2/3rd owned by the Privat Group, one of Ukraine's largest business and banking groups.[6] Originally contemplating closing the building due to a very high vacancy rate,[7] Chaim Chochet and Chip Marous proposed in September 2014 a $231 million renovation of the building into a mixed-used facility combining offices, apartments, condominiums and a boutique hotel.[8] In June 2015, Terry Coyne, a commercial real estate broker from Newmark, negotiated the sale to Hudson Holdings LLC for $22 million.[9] Hudson began a $280 million renovation of the building which will feature 550 apartments, a 300-room, high-end hotel, 200,000 square feet of retail, a banquet hall, conference space, and a lobby open to the public.[10]

On May 4, 2018, Hudson sold the property to Cleveland-based The Millennia Companies.[11] Millennia announced in November 2018 that project would henceforth be known as The Centennial,[1] and that the company would spend roughly $270 million renovating the structure.[12] By May 2021 plans for The Centennial changed from luxury to affordable housing.[13]

See also

External links

41.5005°N -81.6866°W

Notes and References

  1. Web site: November 27, 2018 . Millennia Cos. has a name for its $270 million renovation project in downtown Cleveland: The Centennial . https://web.archive.org/web/20221207224809/https://www.crainscleveland.com/real-estate/millennia-cos-has-name-its-270-million-renovation-project-downtown-cleveland-centennial . December 7, 2022 . Crain's Cleveland Business.
  2. Web site: Dixon . Teresa . June 16, 2015 . New owner of Huntington Building plans to convert it to apartments, restaurants, clubs (photos) . https://web.archive.org/web/20221208020820/https://www.cleveland.com/business/2015/06/new_owner_of_huntington_buildi.html . December 8, 2022 . cleveland.com.
  3. Johannesen, Eric. Cleveland Architecture 1876-1976, Western Reserve Historical Society, 1979.
  4. Web site: 2005-01-20 . Huntington Bank Building, Cleveland . https://web.archive.org/web/20050120171154/http://www.emporis.com/en/wm/bu/?id=121757 . January 20, 2005 . 2023-04-29 .
  5. News: Jarboe . Michelle . June 23, 2010 . Miami investor buys Cleveland's Huntington Building for bargain price . . Cleveland, Ohio . June 23, 2010 . https://web.archive.org/web/20220830131315/https://www.cleveland.com/business/2010/06/miami_investor_buys_clevelands.html . August 30, 2022.
  6. Web site: Jarboe . Michelle . 2012-02-05 . The most important guy you've never heard of: Chaim Schochet, 25, builds downtown Cleveland empire . https://web.archive.org/web/20220322172930/https://www.cleveland.com/business/2012/02/the_most_important_guy_youve_n.html . March 22, 2022 . February 4, 2012 . Cleveland Plain Dealer . en.
  7. Web site: 2013-01-21 . Owner may close former Huntington Building if county locates HQ elsewhere . https://archive.today/20220326211821/https://www.crainscleveland.com/article/20130121/FREE/130129969/owner-may-close-former-huntington-building-if-county-locates-hq . March 26, 2022 . January 21, 2013 . Crain's Cleveland Business . en.
  8. Web site: Bullard . Stan . 2014-09-08 . Former Huntington Building would be revamped as mixed-use development in $231 million project . https://web.archive.org/web/20171107114126/https://www.crainscleveland.com/article/20140909/FREE/140909791/former-huntington-building-would-be-revamped-as-mixed-use . November 7, 2017 . September 9, 2014 . Crain's Cleveland Business . en.
  9. Web site: Bullard . Stan . 2015-06-15 . Former Huntington Building to undergo $280 million transformation into mixed-use property . https://web.archive.org/web/20210613112630/https://www.crainscleveland.com/article/20150616/NEWS/150619843/former-huntington-building-to-undergo-280-million-transformation . June 13, 2021 . June 16, 2015 . Crain's Cleveland Business . en.
  10. Web site: Wolff . Carlo . August 3, 2015 . Florida developer banking on Huntington Building rebirth . https://web.archive.org/web/20200730134312/https://www.clevelandjewishnews.com/features/real_estate/florida-developer-banking-on-huntington-building-rebirth/article_86301fce-353a-11e5-8d1b-b36f690296a3.html . July 30, 2020 . August 3, 2015 . Cleveland Jewish News . en.
  11. News: Michelle. Jarboe. Millennia buys downtown Cleveland's near-vacant 925 Building in $40 million deal. The Plain Dealer. Cleveland, Ohio. May 4, 2018. May 5, 2018.
  12. News: Bullard . Stan . November 27, 2018 . Millennia Cos. has a name for its $270 million renovation project in downtown Cleveland: The Centennial . Crain's Cleveland Business . November 29, 2018 . https://web.archive.org/web/20221207224809/https://www.crainscleveland.com/real-estate/millennia-cos-has-name-its-270-million-renovation-project-downtown-cleveland-centennial . December 7, 2022.
  13. Web site: Picciano . Jen . May 6, 2021 . The Centennial project promises affordable housing to help recruit workers back to downtown Cleveland . https://web.archive.org/web/20221017230902/https://www.cleveland19.com/2021/05/06/centennial-project-promising-affordable-housing-help-recruit-workers-back-downtown/ . October 17, 2022 . 2022-07-21 . cleveland19.com . en.

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