Cleveland Institute of Art will sell its East Boulevard site to Cleveland Museum of Art, CWRU
Posted January 14, 2013 in Articles
Author: Steven Litt
In a deal with big implications for the future of University Circle, the Cleveland Institute of Art is selling its valuable, 4.1-acre property on East Boulevard to the Cleveland Museum of Art and Case Western Reserve University for $9.2 million.
Money from the sale will trigger completion of the $66.2 million expansion and renovation of the art institute’s Joseph McCullough Center for the Visual Arts at the nearby Uptown development, which the art college co-anchors with the new home of the Museum of Contemporary Art Cleveland.
The university and the art museum, meanwhile, will share an equal, undivided ownership of a uniquely important and centrally located property zoned for a residential tower that could rise 175 and a building that could nearly equal the expanded Cleveland Museum of Art.