The only thing more complicated than the stack of uses planned for Millennia Companies’ reactivation of the 1.45-million-square-foot former Union Trust Building in the heart of Downtown Cleveland is its proposed financing. That involves a capital stack of numerous public and private financial sources and both have adjusted over the last few years (Millennia). CLICK IMAGES TO ENLARGE THEM.
Team assembling to redevelop 925 Euclid
It appears that Millennia Companies is doing more than assembling financing to redeem a foreclosed loan on 925 Euclid Ave. and remove the Downtown Cleveland property from a court-ordered receivership. It also appears that it is also seeking to close on financing to undertake a redevelopment of the property per its city-approved plans.
NEOtrans has learned that Millennia also has a new project team for the roughly $500 million renovation and repurposing of the vacant 1.45-million-square-foot former Cleveland Union Trust Building into a residentially based mixed-use complex.
According to sources who spoke on the condition of anonymity, that team will be led by a new general contractor, Panzica Construction of suburban Mayfield Village. Panzica is reportedly organizing subcontractors for the project, as well.
When presented with this information, a spokesperson for Millennia Companies replied in an e-mail “The company continues to make substantial progress toward satisfying the loan. We cannot provide details beyond that at this time but will keep you posted as plans progress.”
The project’s previous general contractor was a joint venture of Marous Brothers and Gilbane Building Co. Gilbane confirmed it was no longer involved in the project via an e-mailed statement.
The former Union Trust Building, later the Huntington Building and hopefully someday soon The Centennial looms large at Euclid Avenue and East 9th Street (NEOtrans).
“Gilbane is not currently involved with the Centennial project,” the statement said. “We enjoyed the opportunity to work with Millennia Companies and the project team during the earlier stages of planning and wish them continued success as they move forward with their vision.”
Emails and messages sent to several executives at Panzica and Marous seeking more information were not responded to prior to publication of this article. This article will be updated if they reply.
Last week, Millennia’s spokesperson issued a statement that said the company intends to move forward on The Centennial’s redevelopment as specified in its entitlements.
Those are the legal approvals and permits granted by the city that allow the company to build on its property in a certain way. But entitlements are perishable unless extended.
“The company has extended existing entitlements and put in place the necessary mechanisms to obtain financing and satisfy the bank loan,” Millennia’s statement from last week added.
The East 9th Street side of 925 Euclid renovated as The Centennial would offer this valet entrance to a fine-dining establishment, proposed here as the Century Club, comparable in elegance to Millennia’s Marble Room on Euclid Avenue (Millennia).
Those entitlements permit Millennia, through its property-specific affiliate HH Cleveland Huntington, L.P., to deliver an adaptive reuse of the historic Union Trust/Huntington Building at 925 Euclid Ave. in Downtown Cleveland as The Centennial.
Permits have been waiting for up to four years to be picked up from the city by Millennia’s general contractor for The Centennial. That includes interior demolition, mechanical-electrical-plumbing work, and conversion of floors four-through-20 to residential use, city records show.
The project is proposed to turn the 1924-built, 21-story office building into roughly 864–870 workforce and market-rate apartments, a boutique hotel, retail and commercial spaces, fine dining establishments and event spaces.
However, the project stalled and currently is in a court-ordered receivership after HH Cleveland Huntington failed to make payments on a $33.4 million loan from Deutsche Bank AG, New York Branch, it secured to acquire the property in 2015.
So Deutsche Bank filed a foreclosure action in October 2025 with the court. Receiver John Lane, CEO and managing director of Mentor-based Inglewood Associates, was appointed by U.S. District Court – Northern District of Ohio Eastern Division Judge Charles Fleming in January to start a sale process.
The main attraction at 925 Euclid is its L-shaped bank lobby, once touted as the largest bank lobby in the world. This is how the lobby appeared when it was brand-new in 1924 (Cleveland Public Library).
Cuyahoga County joined the matter as it had awarded The Centennial redevelopment project a $5 million loan. Millennia also owes $1.7 million in unpaid property taxes to the county.
To redeem its equity in the property and prevent the court-monitored sale process from going forward, Millennia’s affiliate would have to pay back the entire $40.1 million by the court’s deadline, which was recently extended by Fleming to Aug. 30.
“They have their financing in place,” Lane told NEOtrans yesterday. “They still had some things they needed to finalize and said they will provide information to confirm it.”
“They haven’t redeemed the loan yet,” Lane added. “But if (Millennia founder) Frank (Sinito) can make it happen, that would be great. It’s critical for Cleveland that something positive happens with this building.”
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