CLEVELAND -- The Halle Building and the nearby Halle garage are off the market.
K&D, of Willoughby, Northeast Ohio's largest manager of apartment communities, including the acclaimed downtown projects -- The Residences at 668, The Residences at Hanna, and its current renovation, The Residences at 1717 -- announced Thursday that it has closed on the purchase of the Halle Building and Garage from affiliates of Forest City Enterprises.
The Halle Building is an iconic building with a commanding presence on Euclid Avenue in the Theater District of Cleveland, and was originally built to be the home of the Halle Brothers department store in the early 1920's.
It is known to many as the place they would go see the legendary Mr. Jingeling, Santa's "Keeper of the Keys."
Jordan MacPherson and Nicole Lee have lived downtown for several years and don't necessarily like what they see around them.
"It's a shame to see it," said MacPherson. "You look in the windows and you can see empty floors with no lights on."
That's been the case since the retailer closed its doors in the 1980's, and the building was converted to office space.
But now apartment developers K&D will convert the property into 240 luxury apartment units above the two floors of retail, restaurant and office space.
"It's great that they're doing something with these buildings and something meaningful," said Lee.
"I work downtown and I think it will bring more people downtown, more attractions downtown, more businesses to downtown Cleveland, which is definitely good for the economy," said Cleveland resident Ralph Miller.
K&D expects to renovate the Halle garage, adding 80 basement spaces. The garage improvements will start in 2016.
"I'm really excited for them to renovate the Halle garage because it is a tight fit in there," said Lee.
K&D expects to begin the major re-development work on the Halle Building itself in 2018.
This purchase follows closely on the heels of K&D's purchase of The Leader Building last summer.
"We envision an extraordinary opportunity to bring hundreds of new residents to the highly desirable Playhouse Square neighborhood, adding new life and vibrancy to the streets, and leading the way for further development," said K&D principal and CEO,Doug Price.