What's Happening?
Three historic 19th-century buildings on Cleveland’s Flats East Bank, including the former Arhaus Furniture headquarters, have been listed for sale. These properties, located on Old River Road, are being marketed by Cushman Wakefield | CRESCO Real Estate
for $2.25 million. The largest building, 1294–1310 Old River Rd., was constructed in 1871 for the Upson-Walton Co. Two adjacent parcels with buildings from 1890 and 1875 are also included in the sale. The current owner, a GBX fund, acquired these properties in 2021 but is now focusing its redevelopment efforts on the nearby Samsel Supply building. The sale comes as the Cleveland Metroparks acquired a parking lot at 1290 Old River in late 2021 for future public development, and GBX is redeveloping the former Samsel Supply property into residences and commercial space.
Why It's Important?
The sale of these historic buildings presents a significant opportunity for further revitalization of Cleveland's Flats East Bank. This area is experiencing a surge in development, with the Metroparks planning public spaces and GBX investing in a major mixed-use project. The availability of these properties could attract new owners and developers to bring complementary uses, such as hospitality, residential, office, or retail, further enhancing the district's appeal. The preservation and adaptive reuse of these 19th-century structures are crucial for maintaining the historical character of the Flats while fostering economic growth. The momentum generated by nearby investments creates a favorable environment for these buildings to be repositioned, contributing to a more vibrant and accessible riverfront for residents and visitors.
What's Next?
Brokers Brad Nosan and Conor Coakley of Cushman Wakefield | CRESCO are targeting local companies, regional developers with historic tax credit experience, restaurateurs, or boutique hospitality providers as potential buyers. The expectation is that new owners will redevelop and reactivate these properties, aligning with the ongoing revitalization efforts in the Flats East Bank. The sale is anticipated to complement the work being done by GBX and the Cleveland Metroparks, further strengthening connections to the riverfront and supporting vibrant public spaces. The future uses of these buildings will likely contribute to the district's evolving identity as a mixed-use destination, attracting more residents, businesses, and visitors.
Beyond the Headlines
The redevelopment of historic industrial areas like the Flats East Bank often involves a delicate balance between preservation and modernization. The sale of these buildings highlights the role of private investment in urban renewal, particularly when supported by public initiatives like the Metroparks' land acquisition. The focus on attracting developers experienced in historic tax credit projects underscores the financial incentives available for preserving architectural heritage. This trend of transforming former industrial sites into vibrant mixed-use districts is a common theme in many U.S. cities, reflecting a broader shift towards urban living and the desire for accessible waterfronts. The success of this sale and subsequent redevelopment will serve as a case study for how cities can leverage their historical assets for future growth.
