The former Holiday Inn Express has closed and will be reopened as an AC Marriott Hotel, Downtown Cleveland’s first. Built in 1896, the New England Building was the headquarters of the National City Bank until it relocated in 1980 to the tower at right and was absorbed by PNC. There are also two floors of condominiums at the top of this historic structure (apartments.com). CLICK IMAGES TO ENLARGE THEM.
Port awards financing to $145M worth of projects
Two significant development projects won financing from the Port of Cleveland yesterday — with one project in Downtown Cleveland and the other in suburban Brecksville.
In approving the funding, the port’s board said in a written statement that the investments would result in “two impactful development projects that will drive economic growth, preserve a key historic asset, and create new jobs across Northeast Ohio.”
In Downtown Cleveland, the board approved a $7 million Property Assessed Clean Energy (PACE) bond to support the $43 million conversion of 15 floors of the historic, 17-story New England Building at 629 Euclid Ave. into a 141-room AC Marriott Downtown hotel — downtown’s first AC Hotel.
Developing the project is 629 Euclid Hotel II LLC, a partnership of the property owner Cleveland-based MRN Ltd., Moment Development of Columbus, and Indianapolis-based Mira Development. The New England Building, also called the Guardian Building or the National City Bank building was built in 1896.
Interior demolition has been underway for several months at the former Holiday Inn Express with construction starting soon thereafter. This façade, including the Corinthian columns, was a 1915-redesign of the original New England Building to make it look more like a bank (SA Group).
The project will transform the former Holiday Inn Express, which had been in business continuously since 1999, into an upscale destination while preserving its historic character and incorporating energy-efficient upgrades.
The redevelopment is expected to enhance downtown hospitality offerings, increase tourism, and support continued revitalization along the Euclid Avenue corridor. The hotel is next to the Gateway District where significant investment is underway by Bedrock to create new experiential offerings like the new Cosm shared-reality venue.
NEOtrans broke the story in January 2025 on the plans for the new AC Marriott hotel. Interior demolition has been underway for several months as construction permits for the project were issued in January, city records show.
In Brecksville, the port’s board approved a financing package to support the construction of a new, 292,000-square-foot North American headquarters and testing facility for CSA Group within the Valor Acres development. It provided a capital lease and $10.5 million in tax-exempt bonds serviced by tax-increment financing.
Looking northeast at CSA Group’s new offices and lab complex behind them, with Brecksville Road just beyond. Valor Acres offered room for CSA to grow, with additional expansion possible on this site (DiGeronimo).
Developed by DiGeronimo Companies, the $102 million project will retain 180 jobs and create 81 new positions, while advancing the transformation of the former VA hospital site into a vibrant mixed-use district. CSA Group is relocating from a cramped space in Independence.
It is the second major employer to relocate to Valor Acres — the first being Sherwin-Williams’ new Morikis Global Technology Center which opened last year. That 600,000-square-foot research facility consolidated more than 900 chemists, engineers and others from several locations in Greater Cleveland and Minneapolis.
“The port’s financing will support key infrastructure and help bridge critical funding gaps,” a port spokesperson said. “Together, these projects underscore the Port of Cleveland’s role in advancing strategic, high-impact development across the region.”
“By leveraging innovative financing tools, the Port continues to support projects that preserve historic character, promote sustainability, and deliver meaningful economic opportunity for Northeast Ohio communities,” the spokesperson added.
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