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County’s Ameritrust building deal may still include K&D

Friday, February 29, 2008 at 4:54 PM

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Cuyahoga County will unveil new specifications for bidding on the former Ameritrust Tower complex next week, after rejecting the offer it had accepted in January. ideastream's Rick Jackson reports.

Six weeks after the county accepted a 35-million dollar bid for the complex, it’s on the block again, with the county seeking new bids under new financing guidelines.  The first offer; from Willoughby’s K&D group, was rejected because of an apparent misunderstanding in how the developer would pay the county.

Commissioner Tim Hagan says the change in parameters of how bids are written could possibly entice new investors.

[Commissioner Hagan]
“We’re hoping we get a number of people that have indicated an interest in bidding on the property.”

And that includes K&D. 
Spokeswoman Tracey Bradnan says once the company reviews the new rules, it might submit a revised offer for the 29 story office tower, which would serve as the linchpin of K&D’s 200 million dollar redevelopment plan.

[Tracey Bradnan]
“We’re actively working to make our dream for downtown Cleveland happen; and we think its’ going to be a landmark project.”

Bidders would have 30 days from the county’s re-opening to make their offers.
Rick Jackson, 90.3

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