City Council approves tax deal to aid Cleveland Athletic Club renovation

Sunday, 05 November 2017, 08:47:10 PM. The building on Euclid Avenue, vacant since 2007, will be renovated. In addition to retail space, it will contain 165 apartments.

CLEVELAND, Ohio - City Council on Monday approved a tax deal that clears the way for renovation of the former Cleveland Athletic Club building on Euclid Avenue into retail space and apartments. 

Council signed off on a tax increment financing plan that will use new tax revenues generated by the improvements to the building to help finance the renovation.  

The deal only includes taxes that would go to the city. School revenue is unaffected. 

The renovation, expected to cost about $62 million, will add about 165 apartments in the 50,000-square-foot building and is expected to ultimately generate more than $544,600 in annual property taxes for the Cleveland schools.  

Plans call for the ballroom, dining room and bar on the seventh floor to remain to host events. The swimming pool will be reopened as an amenity for renters. Squash courts will hold dwellings. A gym, with a 30-foot ceiling, will house three-level, townhouse-style residences. 

The state of Ohio already has committed $5 million in preservation tax credits for the project. Developers had said they also planned to tap federal historic tax credits and a low-interest clean-up loan from the Ohio Water Development Authority to round out bank financing and investor equity.  

The building has been vacant since 2007. 

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