16 Acres of Downtown Bought by Cleveland Casino

February 2nd, 2011 by Keira Perivolaris | Print

For 16 acres of downtown, the developer of Cleveland’s casino agreed to pay 85 million dollars. Dan Gilbert’s Rock Ohio Ceasars Cleveland plans to build the casino between Tower City and the Cuyahoga River. Forest City is the one, which is selling the land.

In totality, the alleged price of the land is $85 million. At closing, Rock Ohio paid 11 million dollars and will pay the balance in installments in late 2011 and early 2012. For other projects in the past, Forest City spokesman Jeff Linton notes that the land has been considered, which includes the plans by former Mayor Jane Campbell. Cleveland Cavaliers owner Dan Gilbert’s development arm is Rock Ohio Ceasars Cleveland. He is also behind the casino under construction in Cincinnati.

To get the downtown attraction approved for construction, Gilbert parlayed a lot of the Cavaliers’ recent success, using in-game promotions to rally fans behind his cause. The entire development is set to be complete by mid-2013, while a potential phase of the casino could be ready for use in 2012. To strategically plan a rebuild, this 2013 window is one that the Cavaliers will use.

The land purchase has been described as “critical” by Matt Cullen, a partner in Gilbert’s gaming company because it signaled the developer’s commitment to getting the Huron road casino built and because it was the final land purchase for the casino. For both Cleveland and Cincinnati casinos, Cullen said building downtown is at the center of his company’s vision.

Cullen added that one could get 2000 casino jobs, if one create 2000 casino jobs out in a cornfield. He said that one can become much more of a district that allows growth and jobs for all the surrounding facilities, if one creates them in the heart of a downtown.

There are several large downtown developments like the $275 million office-and-hotel development on the east bank of the Flats, a new Inner Belt Bridge and an aquarium on the west bank of the Flats and a medical mart and new convention center and the casino is also one among them.

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This entry was posted on Wednesday, February 2nd, 2011 at 3:29 am and is filed under Gambling History. You can leave a response, or trackback from your own site.

Tagged as: 16 Acres, Casino

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