The Centennial: Will Downtown Cleveland Ever Get Its Dream Restaurant & Speakeasy?

Downtown's iconic Centennial building might finally get the restaurant and speakeasy Cleveland's been promised—if the new owner can pull it off.

The echoing marble halls of The Centennial—the grand bank building at 925 Euclid Ave—have long promised a future of sizzling restaurants, cocktail-fueled speakeasies, and all-hours culinary life downtown. But with the latest failed bid to reclaim the building, its food-and-drink destiny hangs in the balance yet again. Is Cleveland ever going to see that next-level dinner party inside its century-old vault?

The Dream: A Foodie's Downtown Fantasy

Original plans from Millennia Companies, who took over the building in 2018, had Clevelanders salivating at the possibilities:

• 413 workforce apartments (hungry residents—good start)
• A full-service hotel (hello, brunch)
• The former lobby transformed into a glitzy, Marble Room-style destination restaurant
• The iconic vault repurposed as a secret speakeasy
• A vintage car "museum"—for dining with a side of Duesenberg

If it had gone off as planned, we’d have a hospitality anchor on Euclid to rival anything in the Midwest. Instead, the building is stuck in limbo—vacant, massive, and pure Cleveland potential, just waiting.

What's the Holdup?

Millennia racked up over $41 million in back debt as the years dragged on, failing to bring their edible daydreams to life. In the meantime, the US District Court finally brought the hammer down: no more extensions, no more delays.

Recent years haven’t been kind to the building either:

• Water leaks and ceiling damage
• Elevator shut-downs galore
• Lousy heat, near-zero fire safety systems
• $400,000 in band-aids just to keep looters out, with new security pressed into service

For now, court-appointed receiver John Lane is in charge—and he’s rounding up bidders for a late September auction. Whoever wins has a serious hospitality rehab job ahead.

Why It Matters for Cleveland Food & Drink

Every big city has a showpiece dining room—a destination for locals and out-of-towners, where food and architecture are both over-the-top. For years, The Centennial lobby was teased as our answer to that. Imagine the clink of martinis, the low jazz from the vaulted ceiling, the Instagram gold of a Gilded Age bank-turned-bar.

There's no shortage of would-be restaurant groups, chefs, or nightlife impresarios ready to pounce—if only someone could secure the keys and funding. Upward of 13 entities are reportedly circling, according to recent court documents. One of them could (finally) revive downtown’s spark after so many false starts.

The Auction: Who’s Next in Line?

Don't expect answers until after the September auction. The bidders remain anonymous for now, but there’s buzz that Millennia could jump back in as a "stalking horse," setting the bar for any would-be competitors.

Whoever steps up inherits both history and headaches: the grandeur of one of Cleveland’s grandest landmarks, but also insulation woes, security issues, and lots of deferred repairs. Most importantly for us—we're talking about a kitchen to design, a bar program to staff, and a crowd of locals ready for something spectacular.

Could This Be Cleveland’s Next Big Food Moment?

Let’s face it, Cleveland knows how to do a comeback. From the Flats to Detroit-Shoreway, old buildings have become buzzy hot spots seemingly overnight. The ingredients are all here: a legendary space, years of pent-up anticipation, and a city hungry for more downtown action.

If the winning bidder brings the right food and drink vision, The Centennial could transform into our Marble Room 2.0 or the best speakeasy this side of Public Square. Until then, it’s a wait-and-watch—one that could pay off deliciously.

Stay tuned, Cleveland. That first cocktail in the old vault could be closer than you think.