Millennia says construction on Centennial project, the big renovation of the historic Union Trust building, could begin this fall. It also announced it cut the total of planned workforce apartment units in half
For the past 18 months or so, the Union Trust building has, from the outside, sat still and dark, save for activity in the Huntington Bank outpost, which takes up 0.3 percent of its 1.4 million square feet.
And, while Mignogna and crew have been locking down lenders and applying for historic tax credits, Millennia has spent the last year and a half edging out The Centennial's interior aesthetic, finalizing an architectural plan and even luring Hilton to commit to a combined five floors of boutique hotel space. All while, Mignogna said Thursday, its contractors—Merz Brothers and Gilbain—have"been quietly doing secret demolition, crawling around the building for the last 12 months.
Those investors aren't too far from the trail. In January, Cleveland saw the second-highest median rent increase in the country, at 17.5 percent.
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