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Ameritrust Complex Sold

The new owner, The K&D group, was the only bidder for the historic building site at East Ninth and Euclid Avenue. The bid saved Cuyahoga County taxpayers millions of dollars for ongoing asbestos removal, and potential further spending on new government offices.

K&D’s bid was five thousand dollars more than the county’s minimum bid of 35 million dollars. Deputy County Administrator Lee Trotter says the company will preserve the rotunda and tower and turn it into a mixed-use development. Trotter says this sale adds to the company’s other downtown properties along the Euclid corridor.

Lee Trotter: This bid gives them the opportunity to enhance the amount of parking that’s available in that corridor. So that’s a benefit for their development.

The county purchased the property in 2005 for close to 25 million dollars, but last year county commissioners admitted the property was too expensive to maintain under a declining budget. So, county officials put it on the market in November. If all goes well, the sale will become final within the next 60 days.

Tasha Flournoy, 90.3.