Gordon Brothers has been engaged by John K. Lane of Inglewood Associates, LLC, the court-appointed receiver, for the disposition of the property formerly known as “The 925 Building”. A federal court order has appointed and authorized Gordon Brothers to act as the Receiver’s exclusive real estate sales and advisory agent. The receivership arises from a commercial foreclosure action filed by Deutsche Bank against HH Cleveland Huntington, LP.
This is a significant mixed-use redevelopment opportunity in a historic building with a rich past, offering the flexibility to incorporate a variety of uses, including hotel, dormitory, retail, residential, office, data center, and self-storage. Located on the signalized corner of East 9th Street and Euclid.
One of the standout features of this opportunity is the availability of developer tax credits, which presents an appealing incentive for buyers. These include:
-Transformational Mixed-Use Development (TMUD), which is an Ohio tax credit designed to support large-scale, "transformational" construction projects that blend residential, commercial, and retail uses.
-Historic tax credits (HTCs) provided for historic structures.
-Brownfield tax credits, which are for the cleanup and redevelopment of contaminated or underutilized industrial/commercial properties, providing the developer with tax deductions for remediation costs or credits for site improvements.