Cleveland's Union Trust Bank Building proposed as AI tech hub

The owner of the former Union Trust Bank Building in downtown Cleveland, HH Cleveland Huntington L.P., is proposing a shift in redevelopment plans for the 1.45-million-square-foot property. Instead of the previously planned residential project known as The Centennial, the developer, Millennia Companies, now seeks to incorporate technology-heavy programming, including significant artificial intelligence infrastructure.

The building is currently in receivership following defaults on a $33.4 million loan from Deutsche Bank AG and a $5 million loan from Cuyahoga County. Additionally, the owner owes $1.7 million in property taxes. A judge recently denied a request for a second 30-day extension to pay the debts, leaving a court-imposed auction looming in approximately two months. The 21-story building has remained largely vacant for about 15 years.