LR and Hyatt converted it last year into a 293-unit Hyatt Regency with 48,000 sf of retail space and a 10,000-sf, 210-seat restaurant. The project is credited with revitalizing Cleveland's historic Downtown Gateway District.
The restoration included iron railings that dramatize a 300-foot skylight supported by arched iron trusses, original woodwork, cast iron, plaster, marble and brass and architectural gargoyles.
Among municipal contributions, the project received funding from a 30-year tax exemption on the new improvements. The developers are required to make semi-annual service payments in lieu of taxes during the 30-year period. The payments were secured by LaSalle National Bank and required the developer to invest $45 million and also provide jobs.
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