Gordon Brothers has been engaged by John K. Lane of Inglewood Associates, LLC, the court-appointed receiver for the 1.45MM SF property at 925 Euclid Avenue in Cleveland, Ohio which is known as The Centennial and formerly as The 925 Building, Union Trust Building, and The Huntington Building. A commercial foreclosure action has been filed by Deutsche Bank against HH Cleveland Huntington, LP.
Certain developer tax credits are available along with the redevelopment opportunity, which 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