CLEVELAND, Ohio -- The developer of a planned Cleveland casino has purchased 16 acres of downtown land from Forest City Enterprises Inc. for $85 million.
Forest City sold the land and air rights to Rock Ohio Caesars Cleveland LLC, the real estate company announced this morning. The property is adjacent to Forest City's Tower City Center, an office, hotel and retail complex on Public Square.
The casino developer paid $11 million cash at closing and will pay the balance in installments in late 2011 and 2012.
"This sale is milestone in the process of bringing a first-class casino to Tower City, and the start of an exciting new future for downtown Cleveland entertainment," said David LaRue, executive vice president and chief operating officer of Forest City. "The sale is also a demonstration of the value embedded in Forest City's portfolio of real estate. We anticipate that a successful casino will stimulate further downtown revitalization and economic development, and will also have a positive impact on the long-term value of our Tower City assets."
Rock Ohio Caesars LLC is a joint venture between Rock Gaming and Caesars Entertainment, which plan to develop and run casinos in downtown Cleveland and Cincinnati. The developer is expected to open a first phase, short-term casino in the Higbee Building at Tower City and to open the larger casino behind Tower City in 2013.
(Article Courtesy of Cleveland.com)
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