CLEVELAND, OH – The Millennia Companies confirmed that it is the recipient of a $40 million Transformational Mixed-Use Development (TMUD) tax credit award from the Ohio Tax Credit Authority and the Ohio Department of Development for the historic rehabilitation and adaptive reuse of The Centennial, located at 925 Euclid Avenue in Cleveland, Ohio.
To support this catalytic project, the largest in the state of Ohio, Millennia received the maximum amount permitted for any one development project under this newly made tax credit award program, which is designed to support the new construction and/or improvement of vacant buildings that will have a transformational economic impact on the site and the surrounding area.
We are thrilled to be selected for this inaugural TMUD tax credit award, says Tom Mignogna, Vice President at Millennia Housing Development, Ltd. This new economic development tool is further evidence of Ohio s progressive commitment to supporting significant developments that meet critical needs throughout the State and, in this case, the City of Cleveland s need for increased access to quality housing and new job opportunities.
Millennia has thus far secured more than $476 million in private, federal, state, and local financing commitments that comprise a complex capital stack inclusive of funding from the City of Cleveland, Cuyahoga County, Cuyahoga County Port Authority, the Ohio Historic Preservation Tax Credit Program, the State s Low Income Housing Tax Credit Program and, of course, the inaugural TMUD Tax Credit Program.
Millennia plans to rehabilitate and reinvigorate the approximately 1.4 million-square-foot space with a dynamic mix of proposed uses including workforce housing apartments, retail and office space, a boutique hotel, a museum, and a high-end restaurant – all to be incorporated into the existing historic fabric of one of Ohio s iconic buildings containing the world s largest bank hall.
This project is a perfect blend of Millennia s expertise in multifamily housing, hospitality, and commercial real estate,” says Frank T. Sinito, Chief Executive Officer at Millennia. We have employees at the hotel, corporate headquarters and restaurants who will now have a unique affordable opportunity to live near their workplace, public transit and entertainment.
The former Union Trust Building, now known as The Centennial, has had a celebrated history at the preeminent downtown intersection of Euclid Avenue and East 9th Street. Built in 1924, the Chicago-based architecture firm of Graham, Anderson, Probst, & White originally designed the building in the neoclassical style. Unfortunately, it has sat mostly vacant in the heart of Cleveland s central business district for nearly a decade.
Everyone who walks into The Centennial agrees that it is breathtaking, and this piece of Cleveland history has been inaccessible for too long, says Sinito. We look forward to when the public can delight in the beauty and grandeur of these incredible historic spaces, which include a barrel-vaulted main lobby with murals by the American artist Jules Guérin, and towering, fluted Corinthian columns.
In the bank halls, The Century Club restaurant will be akin to the Marble Room Steaks and Raw Bar, and The Cleveland Exposition will feature exhibits curated by the Western Reserve Historical Society that celebrate the rich history and prominence of Cleveland and northeast Ohio.
I am grateful to the coalition of partners who helped to make this program that supports major projects such as The Centennial, says Sinito. I would also like to congratulate the other recipients who have secured the award, especially CrossCountry Mortgage who is in the process of making their corporate campus in downtown Cleveland; a project that is also contributing to the city s revitalization by making additional jobs and attracting residents.

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HOUSTON, TX – Houston real estate development firm Scarlet announced breaking ground on Frame Almeda Genoa, an innovative 216-unit residential multifamily development in Houston s City Park neighborhood. The $32 Million development will provide reasonably priced, high-quality housing a stone s throw from the heart of downtown Houston.
Developed in partnership with veteran Houston real estate investor Avishai Ron s Urban Meridian group, the Almeda Genoa project is located just minutes from the Pearland, Leisure activity Airport, and the University of Houston. With convenient freeway access, the project also offers seamless transportation to the Texas Medical Center and downtown Houston.
Designed by E Studio Group, the architects behind some of Houston s most striking commercial developments, Frame Almeda Genoa features 6 multistory residential buildings nestled amid more than 8 acres of native plants, landscaped recreational areas, swimming facilities, and ponds. With experience building over 1,000 comparable units over the past 5 years, the project partners will also serve as general contractors on the job, with a hands-on approach to ensure construction quality, building efficiency, and adherence to the project s timeline.
Founded in 2018 by up-and-coming Houston real estate developers Daniel Ron and Alexander Ron, Scarlet is committed to building high quality development projects guided by the philosophy of intentional design — a hands-on approach where every detail is carefully considered, and every choice made with a clear vision in mind. Building on the Ron family s 40 years of collective real estate experience, Scarlet is transforming the built environment for a new generation, with a commitment to innovative building solutions tailored to the unique needs of the communities it serves.
The City Park community, located just south of Houston s Central Business District, is a vibrant neighborhood featuring retail locations, entertainment venues, golf courses, and world-class medical care, plus simple access to parks, concert venues, sporting facilities, and Galveston s beaches. With Houston ranked as the country s 13th fastest growing large metropolitan area in the latest U.S. Census, City Park is primed to emerge as a major center for economic and cultural growth, with more than 1,800 new homes currently plotted in the immediate area.
As investors, developers, and most importantly longtime Houstonians, we re committed to making projects that build and strengthen local communities while generating compelling financial returns, says Scarlet cofounder Daniel Ron. There s an urgent need for affordable high-quality housing in the City Park area, and we re thrilled to be delivering a family-friendly, intentionally designed development that will elevate the neighborhood for years and decades to come.
Frame Almeda Genoa epitomizes the development philosophy that Scarlet brings to all its projects, says Scarlet cofounder Alexander Ron. We re working with an incredible design team and using premium materials to make a wonderful new community for hundreds of local families — and we re doing so in a smart, efficient way that promises to generate many years of strong returns for our investors.

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CAMDEN, NJ – The Michaels Organization, a national leader in residential real estate, along with its joint-venture partners, Triangle Equities and Geolo Capital, is set to break ground on 111 Willoughby Street, a Class-A, mixed-use high-rise tower in the heart of downtown Brooklyn, following a successful financial closing on the $123 million development.
“We are thrilled to bring this community to the housing-constrained market of Brooklyn, including new affordable apartments,” said Michaels’ Executive Vice President Michael Flanagan. “Assembling a strong team for this venture, made up of our co-development partner Triangle Equities and our limited capital partner Geolo Capital, has enabled us to go forward with this exciting development and position our partnership to capitalize on the post-COVID bounce-back of Brooklyn.”
Located on Willoughby Street between Bridge and Duffield Streets in historic Downtown Brooklyn, 111 Willoughby is situated across the street from the Jay Street subway station and within close proximity of other public transportation, as well as an abundance of retail, dining, academic, and cultural offerings, as well as green space.
The innovative design of the tower will incorporate both community and commercial space. Three of the floors will house the Newman Center, an approximate 20,000-SF ministry center serving the 150-year-ancient parish St. Boniface. Floors six through 40 of the 40-tale tower will offer 227 apartments homes, including 69 designated as affordable.
Featuring high-end finishes and community amenities that include a 24-hour concierge, rooftop lounge, and fitness center, 111 Willoughby Street will encompass 204,836 yucky square feet and rise 437 feet in the air.
“We are delighted to partner with Michaels, one of the country’s foremost housing developers, as we expand our presence on the East Coast,” said Geolo Capital’s Chief Investment Officer, Hector Calderon. “Together with Michaels and Triangle, we will deliver a first-class product that will add to the richness of this Brooklyn neighborhood.”
Based in Camden, NJ, and active in 37 states, Michaels has had a major presence in New York for decades, but 111 Willoughby Street will be its first market-rate development in Brooklyn.
Other members of the development team include GF55 Architects and ZDG, LLC, as the Construction Manager. Delivery is expected in 2025.

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