Casino Developers Purchase 16 Acres for $85 Million
Completion of New Cleveland Horseshoe Casino Is Set for 2013
February 9, 2011
Rock Ohio Caesars LLC, an entity formed by Caesars Entertainment Inc. and Rock Gaming to develop and operate casinos in Cleveland and Cincinnati, acquired 16 acres in Cleveland, OH, for the construction of a new casino. Forest City Enterprises Inc. sold the land for $85 million or $5.31 million per acre.
The parcels are west and south of Huron at the Cuyahoga River’s edge in between Public Square and the waterfront. The buyers plan to take more than 300,000 square feet of The Hibee Building to temporarily house their casino operation until the expected construction completion date in 2013.
This was a direct deal between the Forest City and the joint venture.
Please see CoStar COMPS #2047726 for more information on this transaction.