Cleveland in HDR – The 6th City Collection

Today’s Photo: Cleveland Arcade

Today’s photo is of the old Cleveland Arcade. The Arcade was originally financed by John D. Rockefeller and it was modeled on Milan’s Galleria Vittorio Emanuele II. This property was recently sold at auction to Toronto-based Skyline International Development Inc.

Here is a little of what Skyline had to say about their purchase – “The property was acquired by Skyline at auction for $7.7 million after previous owners invested $70 million in acquiring and restoring the Arcade, including converting office towers to the hotel, and then defaulted on a mortgage.

Skyline CEO Michael Sneyd, who has been involved in and monitoring the American market for 15 years, views this destination community and lodging company’s first U.S. acquisition as another major milestone with five key factors. He said, “It’s the right time for Skyline to expand beyond Ontario and Canada. The Cleveland Arcade is the kind of mixed-use, legacy property where Skyline has expertise. It was an exceptional deal. It’s a well-known hotel and Cleveland is a relatively nearby destination for us, and a city that’s definitely on the move.”

Company Founder and President Gil Blutrich cites the combination of over $2 billion in public and private investment that will see a new convention center, medical mart and the Horseshoe Casino all open in downtown Cleveland by 2013, plus discussions around improving the city’s transportation infrastructure, as compelling reasons to invest there now.

“Cleveland is already filled with outstanding architecture, internationally famous chefs, top attractions like the Rock and Roll Hall of Fame and sporting facilities. With these new additions Cleveland is poised to become a big regional draw for both meeting and leisure travelers,” Blutrich said.”

More info:

http://theclevelandarcade.com/

http://www.prnewswire.com/news-releases/toronto-based-skyline-international-development-checks-into-us-market-with-acquisition-of-historic-cleveland-arcade-and-hyatt-regency-hotel-136037953.html

Today’s Quote: “ People who are unable to motivate themselves must be content with mediocrity, no matter how impressive their other talents”. – Andrew Carnegie

Today’s Photo: The Arcade

From the Arcade website:

In May of 1890, The Arcade opened its doors as one of the first indoor shopping centers in America. It was designed as a big-city mercantile enter by John M. Eisenmann and George H. Smith who modeled it after the Galleria Vittorio Emanuele II in Milan, Italy. The cost to construct The Arcade was $875,000 then, and was financed by many of Cleveland’s most esteemed businessmen of the late 19th century—among them: John D. Rockefeller, Steven V. Harkness, Louis Severance, Charles Brush and Marcus Hanna. Rockefeller and Harkness are featured on gold emblems on the Arcade’s Euclid Avenue exterior.

Once known as Cleveland’s Crystal Palace The Arcade has always been one of Cleveland’s best-known landmarks. For more than 100 years, The Arcade offered unique shops, services and restaurants among the five indoor balconies and offices in the two ten-story towers. The Arcade was the first building in Cleveland and the ninth in the country to be placed on the National Register of Historic Places.

For more info:

http://theclevelandarcade.com/content/history

Purchase this photo: Brent Durken Print Sales

http://brent-durken.pixels.com/

Today’s Quote:

Money, not morality, is the principle commerce of civilized nations – Thomas Jefferson