Friday, October 19, 2007

K&D may take on rehab of 668 Euclid

http://www.crainscleveland.com/article/20071015/FREE/71012033/1089/newsletter23

By STAN BULLARD4:30 am, October 15, 2007

K&D Group of Willoughby is considering another big deal downtown.

Sources say the developer of the Stonebridge residential and office complex in the Flats and owner of the Reserve Square apartment-hotel complex downtown is the top bidder for the massive, dilapidated Atrium Office Plaza, 668 Euclid Ave. Doug Price, K&D CEO, and property owner David Goldberg declined comment.

Insiders familiar with the situation said K&D’s due diligence is incomplete and several contingencies must be met before a deal is done. Real estate broker Colliers Ostendorf-Morris held a sealed bid auction for the building last summer.

The one-time department store and failed office complex could become more than 200 apartments in a $56 million mixed-use project, according to an application Mr. Goldberg’s group filed for an Ohio Historic Tax Credit. If the incentive is approved, state law allows the subsidy to pass to a new owner.