925 Euclid heads to auction

The former Union Trust Bank Building at 925 Euclid Ave. had the world’s largest bank lobby
when it was built in 1924. The future of this lobby and the massive office building surround-
ing it is in doubt as the property is on course to a November auction (CPL).
CLICK IMAGES TO ENLARGE THEM.

A federal judge today rejected giving more time to the owner of a massive office building at 925 Euclid Ave. in Downtown Cleveland to secure financing that would end a foreclosure proceeding against it. With that rejection, the property is about to enter a court-monitored sale process toward a Nov. 3 auction.

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GCRTA’s first new train arrives Cleveland

Wrapped like a present, train No. 401, the first of 54 Siemens Mobility S-200 light-rail cars for the
Greater Cleveland Regional Transit Authority, arrived this morning at the Port of Cleveland. Here it
will start its life over the coming decades, taking Greater Clevelanders to and from work, school,
sporting events and many other journeys (GCRTA). CLICK IMAGES TO ENLARGE THEM.

Just after sunset Friday, the first new light-rail train acquired by the Greater Cleveland Regional Transit Authority (GCRTA) in more than 40 years arrived by freight train at CSX Transportation’s Collinwood Yard. Today, CSX moved Siemens Mobility train No. 401 to the Port of Cleveland for delivery to GCRTA via a newly built transfer track.

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Deutsche Bank tells Millennia: time’s up

Parties involved in pending foreclosure case against the owners of 925 Euclid Ave. in Down-
town Cleveland could decide Monday if an affiliate of Millennia Companies will get more
time to retain and redevelop the 1.45-million-square-foot building (NEOtrans).
CLICK IMAGES TO ENLARGE THEM.

A federal court will likely decide on Monday whether to give the owner of the huge, former Union Trust Bank Building, 925 Euclid Ave. in Downtown Cleveland, more time to resolve a foreclosure action against it. Or the court could instruct the owner, an affiliate of the Millennia Companies, to get in line with other potential bidders to get the property in November.

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Cleveland’s next big manufacturing plant

Construction could begin next year on a 166,000-square-foot light-industrial facility called
Gateway 55 on East 55th Street, just south of the Opportunity Corridor Boulevard in
Cleveland’s Slavic Village (Cresco). CLICK IMAGES TO ENLARGE THEM.

With tenants in mind and a locally resurgent manufacturing market behind it, the long-proposed Gateway 55 light-industrial development is moving forward in the northern part of Slavic Village on Cleveland’s near-East Side.

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Two Cleveland printers ink merger

Foote Printing’s 55,000-square-foot building on East 55th Street just north of the Opportunity
Corridor turned 100 years old this year and gained a merger partner in Brothers Printing (Google).
 CLICK IMAGES TO ENLARGE THEM.

Two family-run, Cleveland-based printers that have been in business for a combined 230 years have decided to unite that experience into a single company.

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Cleveland 7th in US for home appreciation

All homes pictured were built within the past year as part of CHN Housing Partners’ lease-
to-own Parkside Homes development, intended to promote homeownership. Located on
Parkview Avenue in Cleveland’s Buckeye-Shaker neighborhood, the homes replaced a
strip of vacant lots (Harrison Whittaker). CLICK IMAGES TO ENLARGE THEM.

According to a new housing market report by Homes.com, Greater Cleveland home prices continue to rise faster than the national average despite growing inventory. In July, only six of the 40 largest US housing markets saw faster annual sales price growth than Cleveland.

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PNC to move satellite offices downtown

The 35-story PNC Center on East 9th Street and Euclid Avenue in Downtown Cleveland is
about to get more full. Not only are parts of it now up for lease, but PNC will soon relocate
more office workers into the building from satellite locations it leases in Greater
Cleveland (NEOtrans). CLICK IMAGES TO ENLARGE THEM.

When a big company like PNC Bank owns a large, underutilized office property and occupies leased office properties in the same metropolitan area, something’s got to give. The giver is reportedly PNC’s satellite offices. And the receiver is PNC Center in Downtown Cleveland.

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