X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHILADELPHIA-The former Dillard’s department store in Downtown Cleveland’s Public Square is taking back its original Higbee name and is being converted by locally based-Forest City Enterprises into a 700,000-sf office building. Nostalgia for the landmark Higbee Building, built in 1931, is seen as adding value to the marketing efforts in a highly competitive office market.

Forest City, which long held a 50%-interest in the property, purchased the remaining half approximately 18 months ago from Little Rock, AR-based Dillard’s Inc., Patrick Lott, Forest City’s senior vice president for office leasing and development, tells GlobeSt.com. Lott would not disclose the purchase price.

The building remained an active department store until Dillard’s closed its doors six months ago. Now “essentially vacant,” Lott says, it is undergoing a renovation with “hard costs of $20 million–more than that, when soft costs are added,” Lott says, “to restore the building’s original elegance.”

Among the renovations is a new lobby and complete restoration of the downstairs Silver Grille restaurant. The vintage metallic grillwork on restaurant’s walls and ceilings are being reproduced. Caterer will reportedly be the local Ritz Carlton, which operates a hotel in Tower City Center, where Higbee building is located.

Forest City owns the center, which includes 1.5 million sf of office space, a 500,000-sf enclosed mall, and a rapid transit station. It contains several landmark buildings.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.