Frank Sinito’s Millennia Cos. has purchased the former Huntington Building at 925 Euclid for $40 million from an affiliate of Florida-based Hudson Holdings.

The 22-story, 1.36-million-square-foot historic bank building’s overhaul is likely to cost more than $300 million, according to a report on Renovations could begin by the middle of next year.

“I don't think we could develop this anywhere else but in our backyard,” Sinito told “I would not take this project on if it was in Detroit. I would not take this project on if it was in Pittsburgh.”

Plans include 267 full-priced apartments, including a few dozen penthouses, and another 193 apartments for lower-income individuals and families. Millennia reportedly has plans for more than housing at Euclid and East Ninth —there could be more than 250,000 square feet of offices, a 178-room hotel, high-end restaurants and a luxury car showroom operated by Bernie Moreno.

To provide parking for the project, Millennia expects to put the nearby Statler Garage under contract.