Private investors pledge billions to bail out National City

Posted by Teresa Dixon Murray and Peter Krouse April 20, 2008

Updated 9:59 p.m.

In a deal it had to make to survive, National City Corp. today struck an agreement with private investors to get $6 billion to $7 billion of much-needed capital pumped into the Cleveland bank.

The deal, approved by the bank's board this evening, will preserve the 163-year-old bank's Cleveland headquarters and allow it to remain independent -- a relief to 7,800 local workers and a community that doesn't want to lose another Fortune 500 company.

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K&D Group submits sole Ameritrust complex bid

By JAY MILLER1:03 pm, April 2, 2008

It was déjà vu. K&D Group of Willoughby again was the only bidder for the Cuyahoga County-owned Ameritrust complex, bidding the minimum $35 million.

K&D is proposing a $200 million makeover of the east side of East Ninth Street, from Euclid Avenue to the Prospect Avenue-Huron Road crossing.
The mixed-use project would include a new, 13-story, 300,000-square-foot office building at the south end of the block, with the existing Marcel Breuer-designed office tower converted into a hotel and apartments.
“I have every confidence this will be a project of national significance,” said K&D CEO Doug Price. Mr. Price said he already is hearing interest from office tenants.

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