CLEVELAND--(BUSINESS WIRE)--The K&D Group, elected officials and business leaders today celebrated with a Grand Opening Ceremony the successful completion of the $70 million renovation of 668 Euclid Avenue, a pivotal project in the revitalization of the Euclid Avenue Corridor. 668 Euclid is the first of a number of restoration and investment projects underway to bring jobs and residents to revitalize this central area of Downtown Cleveland.
“Today, we open our doors to the community to demonstrate the importance and impact these renovation projects have on our downtown. These once boarded-up, abandoned buildings are now home to hundreds of employees and residents, bringing life to this area of Euclid Avenue. 668 Euclid is a powerful example of the success we can achieve in Downtown Cleveland with the strong cooperation of the state, city, county and local business leaders supporting these mixed-use investment projects in the urban core,” said Doug Price, Principal of the K&D Group, developer of the project.
The 668 Euclid Avenue project includes the former eight-story William Taylor, Son & Co. Department Store, an adjacent four-story building facing Prospect Avenue, a 450-space parking garage, and a 73-foot connecting atrium. This historic structure has been redeveloped into 236 luxury apartments, and approximately 70,000 square feet of commercial space, occupied by Wyse, Titans Gym, The Caddyshack Sports Lounge and Zinc Restaurant, Bar & Market. The adjacent Dollar Bank building was torn down to create a pedestrian-friendly, urban park and entertainment patio, extending back from Euclid Avenue.
“When we save historic buildings like 668 Euclid, we’re strengthening our urban infrastructure and encouraging local job creation,” Governor Ted Strickland said. “Today’s grand opening shows that the state and Clevelanders know the value of what they already have, and that public-private partnerships can truly change the face of a street, breathe life into a neighborhood, and preserve the unique history of a city.”
Funding for the project was a combination of support from the private sector, the city, the county and the state through the Ohio Historic Preservation Tax Credit Program. The terra cotta facade of the building, along with the windows, doors and other historic elements of the structure, have been restored to its original appearance and character.
The 668 Euclid project is one of the first in a line of key reinvestment projects planned for the Euclid Avenue Corridor and is expected to spark further development in the area. The project benefits from the Healthline, the recently completed $200 million bus transit system linking Public Square to University Circle, with a stop directly outside of the front entrance of the building.
“The success of the 668 Euclid project is important to our overall redevelopment efforts downtown. Investments like this are a catalyst for other downtown reinvestment projects,” said Mayor Frank G. Jackson. “Just as the 668 project was nearing completion, we celebrated the announcement from Rosetta that it was relocating its corporate headquarters and 400 employees downtown directly across the street. This type of investment has a lasting impact on our city's long term economic vitality.”
Downtown revitalization efforts have focused on the importance of not only bringing jobs to the downtown area, but drawing residents to the urban core. Interest in the 236 luxury apartments included in the 668 Euclid project has been strong since the first apartments opened on the Prospect Avenue side of the building in August. In fact, Price announced that occupancy for the apartments has already topped 96 percent in less than nine months.
“These mixed-use projects, that draw both employees AND residents to downtown neighborhoods, are central to our economic development efforts. Residents who shop, dine and live downtown spur additional commitment to commercial, retail and entertainment development in our central core. The tremendous response to the apartments at 668 is proof that there is strong interest in quality residential downtown living. Projects like 668 Euclid are vital to our efforts to attract out-of-town companies with young, talented employees looking to live in an urban center,” said Cleveland City Councilman Joe Cimperman.
The K&D Group broke ground on the project in April, 2009. As construction was completed in phases, the first residents moved into the Prospect-side apartment last August and Wyse moved into its first-floor commercial space in December. Titans Gym just opened for business and Zinc Restaurant Bar & Market will open to the public in June.