CLEVELAND -- Cuyahoga County will announce the sale of its Ameritrust complex on Tuesday.
County Executive Ed FitzGerald would not reveal the bidder nor the purchase price, but planned to make it public next week. It was expected the sale of other county-owned properties would be part of the same announcement.
The Ameritrust complex on the southeast corner of East 9th Street and Euclid Avenue has been owned by Cuyahoga County since 2005. It has been vacant since 1996.
Original plans to convert the tower and complex into county office buildings never materialized, despite the county spending nearly $45 million in taxpayer dollars on the property.
By 2007, the county entertained a $35 million dollar offer from K & D Management of Willoughby, but the deal was never made. By 2010, the county considered a sale price of $28 million, and in 2011 K & D had estimated the property would be worth less than $17 million.
It was not known if K & D would bid again for the Ameritrust complex. The company recently purchased the Hanna Annex at Playhouse Square, and the old East Ohio Gas Company building on East 9th and Superior.
Both properties were to be converted into apartments and condos which are in demand in downtown Cleveland.
County Executive FitzGerald said the county would never recoup all the public money spend on the Ameritrust project, but he hoped a sale would spur the continued development of downtown Cleveland.