Cleveland Rolls the Dice on State's First Casino
Forest City Enterprises, Inc., the owner of Cleveland’s Higbee Building, recently announced its new lease with Rock Ohio Caesars Cleveland LLC, a gaming and entertainment company that will use the space for Phase I of its new Horseshoe Casino Cleveland. Rock expects Phase I of the casino to open in early 2012--making it the state’s first casino.
The five-year lease, which includes extension options, is for approximately 303,000 square feet of space on the lower level and first, second, and third floors of the Higbee Building, which is part of Forest City’s mixed-use Tower City Center. Forest City also sold 16 acres of land adjacent to Tower City Center to Rock for Phase II of the project.
“We are pleased to have finalized this lease agreement, accelerating the momentum of bringing a world-class casino to downtown Cleveland,” said David J. LaRue, Forest City executive vice president and chief operating officer. “This initial phase of the casino will serve as an engine to spur further economic development in downtown Cleveland, in addition to having a positive, long-term impact on Tower City Center,” he added.