Developer could not secure enough funding.
More pictures of the AmeriTrust Tower
County Administrator Jim McCafferty talks with WTAM's Darren Toms
(Cleveland) - The developer in the process of buying the old AmeriTrust Building from Cuyahoga County has pulled out of the deal.
County Administrator Jim McCafferty says developer Doug Price and his company K&D Group were unable to secure financing when a potential major tenant opted to back out of the plan.
K&D had hoped to turn the complex into a hotel, office space and apartments.
McCafferty says the collection of empty buildings at the corner of East 9th Street and Euclid Avenue will likely be put back up for sale late this year or early next year. He says the county may decide to sell the complex in parts, potentially making it easier for developers to secure project financing.
The county originally purchased the property in hopes of relocating its offices there. Between the purchase price and other expenses, the county has poured $40 million into the site. The county does operate a parking garage at the site which is generating revenue, McCafferty says.
McCafferty says county leaders have determined that selling the property is the best thing for tax payers and the redevelopment of downtown. He's hopeful a deal will get done and believes that developers may have an easier time getting financing in the future.
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