Growth of Commercial District and Decline of Millionaire's Row
Charles Lathrop Pack is credited with at least part of the development of Euclid Avenue, on which he lived from about 1888 to the early years of the 20th century, into a thriving business district. According to Eyle, "In 1913, an article about Charles reported that 'inside of ten years...the have disappeared. In their stead are skyscrapers, great retail establishments, magnificent banks, and a hotel that cost $2,000,000. Much of the land is owned by Mr. Pack and is leased for long periods. He helped to organize the companies which erected the buildings. It is said that his rentals, out of which not a penny is subtracted for taxes or anything else, amount to $100,000 a year."
As the Cleveland's commercial district began to push eastward along Euclid Avenue, families moved east towards University Circle. However, southeast of University Circle, the topography of the area rises sharply into what is referred to as "The Heights," and the development of Cleveland Heights and Shaker Heights, along with more efficient means of travel, became more attractive than the increasingly commercialized Euclid Avenue.
By the 1920s, the former "Millionaire's Row" was in decline. During the Great Depression, many mansions were converted by their owners into rooming houses, which accelerated the decline. In the 1950s, Cleveland's Innerbelt Freeway cut through the Euclid Avenue between downtown and the rail crossing at East 55th Street. By the 1960s, the street that once rivaled Fifth Avenue as the most expensive address in America was a two mile (3 km) long slum of commercial buildings and substandard housing. In the late 1960s, Cleveland Cavaliers owner Nick Mileti announced plans to move the basketball club from Euclid Avenue's Cleveland Arena to a new arena in suburban Richfield Township.
Read more about this topic: Euclid Avenue (Cleveland)
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