None other than Skyline International, the Toronto-based developer known for their growing network of “destination communities” that connect downtown Toronto to cottage country as well as developments like Deerhurst Golf Cottages and Horseshoe Copeland House.
Located in Cleveland, Ohio, the Cleveland Arcade dates back to 1890 and is the first large-scale, indoor shopping mall in the U.S. It was financed by the famous John D. Rockefeller, a native Clevelander, and modeled on Milan’s Galleria Vittorio Emanuele II.
Skyline acquired the property at an auction for $7.7 million USD. The architectural marvel also contains a decade-old, 293-room Hyatt Regency Hotel, which will remain under Hyatt management as Skyline takes over ownership of the building.
“It’s an important deal for Skyline because it’s the first deal that we’re doing south of the border. It was very important for us to start on the right foot. I’m very happy we found this unique opportunity. It’s a great start,” said Gil Blutrich, president and founder of Skyline, in an interview with BuzzBuzzHome.
“There’s many similarities to the King Edward Hotel in Toronto, though this structure is a bit older. The previous owner spent over $80 million between 1999 and 2009 taking this property and renovating it. All the hotel rooms have been updated and basically built from scratch,” Blutrich explained.
Skyline restored many unused spaces in the King Edward Hotel and integrated a private residence there. Blutrich also noted similarities in their work renewing and expanding the 115-year old Deerhurst Resort.
The company aims to re-position the shopping mall aspect of the arcade and invest in it and the hotel to make both profitable in the long term.
Congrats Skyline on this awesome acquisition!
Check out the video below, taken from the popular American series “Made in America”. It’s all about the architecture and history behind the Cleveland Arcade. So cool…