Land for Cleveland Casino Site Sold for $85M

The site that will someday become a casino in downtown Cleveland was sold to developers for a whopping $85 million.

News just broke that the owner of Cleveland's landmark skyscraper, the Terminal Tower, sold the 16-acre site which overlooks the Cuyahoga River.

By 2013, developers hope to open a $600 million casino just behind the Tower City Center shopping complex, which connects to the Terminal Tower and acts as the main hub for three of Cleveland's rapid transit lines.

On Thursday, developers plan to announce exactly what part the historic cluster of buildings will play in their plans for the downtown casino.

"It's a complicated site, and as you can see it's an expensive site," Matt Cullen, a partner in the company that will develop the casino, tells Cleveland's Plain Dealer newspaper.

"But we thought it was the best site in the city to create the kind of environment that we've been talking about -- this very interactive, very well connected facility in the heart of the downtown," Cullen adds.

Ohio voters approved the addition of casinos in Cleveland, Cincinnati, Columbus and Toledo. A company run by Dan Gilbert, who owns the Cleveland Cavaliers, will lead casino development in Cleveland and Cincinnati.

Photo, Lisa Chamberlain, flickr.
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