Midwest

CLEVELAND — The K&D Group has acquired the approximately 10-acre former Ameritrust complex, located at East Ninth Street and Euclid Avenue in downtown Cleveland, for $35 million, and plans to redevelop the site into a $200 million mixed-use development. The Tower and Rotunda Building will be redeveloped with a 170-room luxury boutique hotel on the lower floors, and 200 residential suites on the upper floors. The Rotunda itself will be renovated as a grand entrance and lobby, with high-end retail and services to support the complex. Additionally, the H&P Building will be demolished and replaced with a 200,000 to 400,000-square-foot, Class A office building. The mall level of the building will contain 50,000 to 100,000 square feet of retail space. Finally, the 1010 Euclid Avenue Building is being studied for redevelopment, with options including Class B office space, residential space or an additional office tower.

BLOOMINGTON, MINN. — Minneapolis-based United Properties has received rezoning and preliminary plan approvals for a mixed-use development located at the intersection of Penn Avenue and American Boulevard in Bloomington. The company also closed on a parcel of land for the development located at 8051 S. Penn Ave. The land is the second parcel needed for the 8-acre redevelopment. Preliminary plans for the development consist of seven buildings with retail, office, and medical components, as well as 58 housing units. The redevelopment is expected to take two construction phases to complete, with the first phase beginning as early as this summer.