Millennia plans to rehabilitate and reinvigorate the approximately 1.4 million square foot space with a dynamic mix of proposed uses.
The Cleveland Exposition
Cleveland, Ohio, March 02, 2022 (GLOBE NEWSWIRE) — The Millennia Companies® (Millennia) today confirmed that it has received a $40 million Transformational Mixed-Use Development (TMUD) tax credit from the Ohio Tax Credit Authority and the Ohio Department of Development for the historic rehabilitation and adaptive reuse of The Centennial, located at 925 Euclid Avenue in Cleveland, Ohio.
To support this catalytic project, the largest in the state of Ohio, Millennia has received the maximum amount allowed for a development project under this newly created tax credit program, which is designed to support the new construction and/or improvement of vacant buildings that will have a transformational economic impact on the site and its surroundings.
“We are thrilled to be selected for this top TMUD Tax Credit award,” said Tom Mignogna, Vice President of Millennia Housing Development, Ltd. “This new economic development tool is further evidence of Ohio’s progressive commitment to supporting important developments that address critical needs across the state and, in this case, the City of Cleveland’s need for have increased access to quality housing and new employment opportunities.
Millennia has so far secured more than $476 million in private, federal, state and local funding commitments that include a complex capital stack including funding from the City of Cleveland, Cuyahoga County, Authority Cuyahoga County Harbor, the Ohio Historic Preservation Tax Credit Program, the state’s low-income housing tax credit program and, of course, the first tax credit program in TMUD tax.
Millennia plans to rehabilitate and reinvigorate the approximately 1.4 million square foot space with a dynamic mix of proposed uses, including workforce housing apartments, retail space and office space, a boutique hotel, a museum and an upscale restaurant – all to be incorporated into the existing historic fabric of one of Ohio’s landmark buildings containing the world’s largest banking hall.
“This project is a perfect blend of Millennia’s expertise in multi-family housing, hospitality and commercial real estate,” said Frank T. Sinito, Millennia’s Managing Director. “We have hotel, corporate and restaurant employees who will now have a unique and affordable opportunity to live close to work, public transport and entertainment venues.
The former Union Trust Building, now known as The Centennial, had a famous history at the preeminent downtown intersection of Euclid Avenue and East 9th Street. Built in 1924, Chicago-based architecture firm Graham, Anderson, Probst, & White originally designed the building in the neoclassical style. Sadly, it sat vacant in the heart of Cleveland’s central business district for nearly a decade.
“Everyone who walks into The Centennial agrees it’s breathtaking, and this piece of Cleveland history has gone untouched for far too long,” Sinito says. “We look forward to the public enjoying the beauty and grandeur of these incredible historic spaces, which include a barrel-vaulted main hall with murals by American artist Jules Guérin and towering fluted Corinthian columns. “
In the Banking Rooms, the Century Club restaurant will be akin to the Marble Room Steaks and Raw Bar, and The Cleveland Exposition will feature exhibits curated by the Western Reserve Historical Society that celebrate the rich history and significance of Cleveland and Northeast. east of Ohio.
“I am grateful to the coalition of partners who helped create this program which supports major projects such as The Centennial,” says Sinito. “I also want to congratulate the other recipients who have achieved the award, especially CrossCountry Mortgage which is in the process of establishing its corporate campus in downtown Cleveland; a project that also contributes to the revitalization of the city by creating additional jobs and attracting residents.
Millennia thanks the following individuals and entities for their support of the TMUD program and this important project: Governor Mike DeWine, Lieutenant Governor Jon Husted, Lead Sponsor Ohio, Senator Kirk Schuring and General Assembly, ‘Ohio Tax Credit Authority, Lydia Mihalik, Director of the Ohio Department of Development and her staff, and developers of historic rehabilitation and adaptive reuse development projects throughout the state.
Millennia also thanks the leadership of the City of Cleveland and the County of Cuyahoga, as well as the Ohio Housing Finance Agency; their early and continued support has guided this project from its initial concepts to its current transformational designs.
CONTACT: Valerie M. Jerome The Millennia Companies 216-210-3287 [email protected]