BREUER GETS REPRIEVE - CAN K & D GET THE FUNDS FOR THIS PROJECT IN THIS MORTGAGE CLIMATE?

Submitted by Jeff Buster on Tue, 01/15/2008 - 14:18.

There was only one bid for the Breuer designed Ameritrust Tower opened this morning at 11:00 AM by Cuyahoga County.  That bid was submitted by K & D Development, who are the developers of the Stonebridge Condos on the west side of the Flats next to the Detroit Superior Bridge in Cleveland, Ohio. 

The above photo shows the artist's rendering of the K & D development proposal which, in my opinion, will nicely emphasize the Breuer Tower. K& D put the cost of the development at$ 200 million.

 

The bid was for just over $35 million and included a bid deposit of  $250,000.00.  There was some confusion about the size of the deposit check because the bid documents - which I haven’t seen - apparently called for a 500,000.00 deposit.

 

5 bidders paid the $200.00 County fee for the hardcopy 1/2' thick GBC bound bid documents.   I don't know why a bid document, which is a public document, costs any more than the 3 cents per page that Cuyahoga County charges for any other public document.  I made the suggestion to County administrator Lee Trotter that it would be an improvement over the present practice of having to pick up hard copy bid documents if the bid documents – for everything the County requires bid - were available on line in PDF format.    

The building sale was only advertised in the  Plain Dealer - and in no other newspapers.  But then if you were in charge of the sale of a 35 million dollar public skyscraper asset located in Cuyahoga County, Ohio  what would be the point of advertising in the Wall Street Journal, the New York Times, or the International Herald or on real estate sites on the internet?  After all, we got one bid!
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