K&D PURCHASES $64.7M OFFICE BUILDING FOR MIXED-USE REDEVELOPMENT
CLEVELAND — The K&D Group has purchased the $64.7 million Atrium complex, formerly the William Taylor & Sons Department Store, located at 668 Euclid Ave. in downtown Cleveland. A 450-space parking garage located at 645 Prospect Ave. and the Dollar Bank Building located at 614 Euclid Ave. were also acquired in the transaction. K&D is planning the historic renovation of the Atrium into a mixed-use facility containing approximately 240 luxury apartments, and 65,000 square feet of commercial and retail space. The redevelopment is anticipated to be complete in 2010. Financing for the acquisition was provided by a variety of sources. The two-building Atrium complex, which was sold by David Goldberg, features a 73-foot high atrium connecting an eight-story building and a four-story building.