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PHILADELPHIA-The $60-million restoration of the Cleveland Arcade at 420 Superior Ave., by Chicago-based LR Development Co. and Hyatt Hotels Corp., also based in Chicago, is awarded a national preservation award by the National Trust for Historic Preservation. The building initially opened in 1890 as one of the country’s first enclosedshopping malls.

LR and Hyatt converted it last year into a 293-unit Hyatt Regency with 48,000 sf of retail space and a 10,000-sf, 210-seat restaurant. The project is credited with revitalizing Cleveland’s historic Downtown Gateway District.

The restoration included iron railings that dramatize a 300-foot skylight supported by arched iron trusses, original woodwork, cast iron, plaster, marble and brass and architectural gargoyles.

Among municipal contributions, the project received funding from a 30-year tax exemption on the new improvements. The developers are required to make semi-annual service payments in lieu of taxes during the 30-year period. The payments were secured by LaSalle National Bank and required the developer to invest $45 million and also provide jobs.

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