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📬 In today’s edition:

• 🎭 Historic Variety Theater May Finally See a Comeback

• ✈️ 700,000 Sq Ft Business Park Planned by Airport

• 💼 New Industrial Park Could Bring 1,000 Jobs

📰 Cleveland Market Minute

Rockefeller Building’s future in limbo

As recently as a few months ago, there was a great deal of interest in the Gilded Age structure, constructed in 1903-10 by Cleveland native John D. Rockefeller, and its surrounding properties in the Warehouse District.

Rico Pietro, a principal at Cushman & Wakefield – CRESCO Real Estate brokerage in Independence, told NEOtrans in December that a Purchase Sale Agreement (PSA) for the 17-story building and its nearly 2 acres of land was on track to be finalized in the opening days of this year.

🔗 Read More

Lake Shore Power Plant site in play

While the 50-acre Downtown Cleveland lakefront redevelopment has most of the attention right now, an even larger lakefront redevelopment site has just hit the market.

The question is — how should it be developed? Should it be developed with industry, warehouses, data centers, housing, or a mix of residential, recreation, restaurants and retail? Those questions could be answered shortly.

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Port OKs $82M for Richmond Hts, Seven Hills, Valley View, Cleveland Port projects

The Port of Cleveland Board of Directors yesterday approved a series of major actions that provided $82 million in financing for redevelopments across Northeast Ohio, enhancements to regional public safety infrastructure, and continued progress under the Port’s federally funded clean energy initiatives.

In support of regional public safety improvements, the board approved a tax-exempt bond issuance for the Chagrin Valley Dispatch Council to renovate and equip a 75,000-square-foot facility at 7887 Hub Parkway,

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🏠 Just Sold Spotlight – Gordon Square Historic Conversion with Modern Upside

📍 1330 W 61st St, Cleveland, OH 44102

• 💰 Sold Price: $510,000

• 📏 Size: 2,395 sq. ft.

• 📅 Year Built: 1900 (Converted to Single-Family in 2020)

• 🛏 4 Beds | 🛁 3 Full Baths

• 🚗 2-Car Detached Garage

• 🌳 Lot Size: 4,199 sq. ft.

• 🏫 School District: Cleveland Municipal School District

📝 Investor Takeaway

This Gordon Square / Battery Park corridor sale reflects continued demand for fully renovated historic homes in prime walkable districts. Trading at approximately $213 per square foot, the property sits at the upper end of the 44102 market, supported by location, craftsmanship, and modernized interior systems.

Originally built as a duplex and thoughtfully converted in 2020, the home blends preserved character (original fireplace, covered front porch) with contemporary upgrades including a vaulted primary suite, quartz island kitchen, and custom cabinetry. The four-bedroom layout and three full baths support both lifestyle buyers and high-quality long-term rental positioning, with estimated rents around $3,400/month.

This sale reinforces the premium buyers are willing to pay for turnkey historic renovations within walking distance to Edgewater and the Gordon Square arts district.

🏡 Neighborhood Insight

• 📍 Community: Gordon Square / Detroit-Shoreway, Cleveland

• 🏞 Nearby Landmarks: Edgewater Park, Gordon Square Arts District, Battery Park, Downtown Cleveland

• 🚶 Accessibility: Quick access to Downtown, Shoreway (Route 2), and major west-side corridors

• 🌿 Lifestyle Appeal: Restaurants, theaters, lakefront access, coffee shops, and entertainment within minutes

📈 Recent Sales Nearby:

• 1948 W 52nd St – $549,900 | 3 Bed | 3 Bath | 2.5k sq. ft.

• 1357 W 59th St – $539,900 | 4 Bed | 3 Bath | 2.3k sq. ft.

• 1289 W 76th St – $375,000 | 4 Bed | 3 Bath | 2.5k sq. ft.

• 7418 Herman Ave – $475,000 | 3 Bed | 3 Bath | 1.5k sq. ft.

• 1882 W 47th St – $320,000 | 3 Bed | 3 Bath | 2.1k sq. ft.

📌 Notable Features

• ✨ Historic colonial with 2020 full single-family conversion

• 🔥 Original 1900 fireplace preserving architectural character

• 🍽 Quartz island kitchen with custom cabinetry & seating

• 🛏 Vaulted primary suite with dual sinks, soaking tub & glass shower

• 🧺 Second-floor laundry for functional layout efficiency

• 🏠 Full basement for storage or future finishing potential

• 🌳 Fully fenced yard with custom paver patio + covered porch

• 🚗 Detached 2-car garage

💡 Insider’s Insight

🎭 Historic Variety Theater Eyes Revival

California-based investors are in talks to acquire the Variety Theater on Lorain Avenue, offering a potential breakthrough for one of Cleveland’s most long-dormant entertainment venues.

🔎 Why It Matters

• The theater has changed hands multiple times over decades

• Restoration complexity and capital requirements stalled prior efforts

• Estimated full restoration cost: ~$12 million

🏗️ Proposed Plan

• Buyers: Onro Property Solutions & DCS Properties

• Restore the theater “the way it was”

• Redevelop the 12 residential units above the theater

• Sale still pending; agreement not finalized

💰 Financing Outlook

• Potential access to ~$5 million in tax credits and public incentives

• Public financing may be critical to closing the capital stack

📍 Market Impact

If completed, the project could:

• Anchor further reinvestment along Lorain Avenue

• Reinforce west-side arts and cultural infrastructure

• Continue Cleveland’s strong adaptive reuse trend

🏗️ $75M Industrial Expansion Proposed Near Airport

A major light-industrial and warehouse expansion is proposed near Cleveland Hopkins International Airport in Cleveland’s Riverside neighborhood.

📦 Project Snapshot

• Developer: Scannell Properties (national industrial builder)

• Investment: ~$75 million

• Up to 700,000 sq ft across 3–4 buildings

• Site: 34 acres of city-owned land (18801 North Midvale Ave.)

• Tentative name: Cleveland Business Park Phase Two

🏢 Building Details

• Structures ranging from 80,000–310,000 sq ft

• Designed for logistics, light manufacturing, and warehouse users

• Includes truck courts, trailer parking, modern utilities

• Electrical load capacity: 10,000+ amps

👷 Job Potential

• Depending on tenant type:

• High-density e-commerce: 700–1,000 jobs

• Traditional warehouse: 230–460 jobs

📍 Strategic Context

• Located north of Cleveland Parkway

• Adjacent to existing Cleveland Business Park Phase One

• Near the future Huntington Bank Field redevelopment zone

• One of the largest available industrial land tracts inside city limits

🏡House of the Week – Custom New Build in the Heart of SOLO, Ohio City

📍3005 Monroe Ave, Cleveland, OH 44113

• 💰 Price: $592,500

• 📏 Size: 1,860 sq ft

• 📅 Year Built: 2025 (Qualifies for 15-Year Tax Abatement)

• 🛏 3 Beds | 🛁 2 Full Baths + 1 Half Bath

• 🚗 Attached 2-Car Garage

• 🏡 Single Family Residence | SOLO (South of Lorain)

• 🏫 School District: Cleveland Metropolitan School District

🧘 Vibes: Built by Berges Home Performance, this custom-designed single-family home places you just blocks from W 25th Street’s restaurants, breweries, and West Side Market, right in the center of Ohio City’s thriving SOLO neighborhood. It’s modern city living with walkability and long-term value built in.

The first floor offers a spacious open-concept layout ideal for entertaining, anchored by a chef-inspired kitchen featuring custom cabinetry, stainless steel appliances, and generous prep space that flows seamlessly into the living and dining areas.

Upstairs, the private owner’s suite delivers a retreat-like feel with a glass and tiled shower, dual vanity, and walk-in closet. Two additional bedrooms, a full secondary bath, and a conveniently located laundry area complete the upper level for practical everyday living.

A full unfinished basement provides storage or future finishing potential, while the attached two-car garage adds convenience rarely found this close to the urban core. Designed to qualify for the 15-year city tax abatement, this home offers both lifestyle and financial upside in one of Cleveland’s fastest-growing neighborhoods.

👉 Listed by: Carolyn M. Bentley & Keith Tisch | Howard Hanna

📞 216-470-1502 | ✉️ [email protected]

🛠 Tools & Resources We Recommend

• PropStream → Lead generation + property comps

• AirDNA → Short-term rental profitability data

• BiggerPockets Cap Rate Guide → Know how to calculate investment ROI

• Cleveland Housing Court Tracker → Spot eviction risks and distressed deals

• Cleveland Real Estate Investor Facebook Group → Share deals and insights with local investors

📣 Weekly Wrap-Up

🏙️ Cleveland Real Estate Weekly | Market, Development & Sales

A high-level look at the projects, sales, and momentum shaping Northeast Ohio right now.

🏛 Rockefeller Building’s Future in Limbo

The historic Rockefeller Building in Cleveland’s Warehouse District faces uncertainty after strong buyer interest late last year. A Purchase Sale Agreement was expected to finalize in early 2026, but momentum appears to have stalled.

Why It Matters:

• 17-story landmark constructed between 1903–1910

• Nearly 2 acres of surrounding land included

• Prime adaptive reuse opportunity in a high-demand downtown submarket

If repositioned correctly, this Gilded Age asset could become a major mixed-use anchor in the Warehouse District.

🏠 Just Sold Spotlight | Gordon Square Historic Conversion

• 📍 1330 W 61st St, Cleveland, OH 44102

• 💰 $510,000 | 📏 2,395 sq. ft. | 🏡 Single-Family | Built 1900 (Converted 2020)

This Gordon Square sale reflects continued demand for fully renovated historic homes in walkable west-side corridors. Trading at approximately $213 per square foot, the property blends preserved architectural character with modern systems and high-end interior upgrades.

With proximity to Edgewater and the arts district, the sale reinforces that turnkey historic renovations continue commanding premium pricing in lifestyle-driven submarkets.

💡 Insider’s Insight

Cleveland’s development narrative right now is diversified — not directional.

Industrial momentum remains strong near airport corridors, highlighted by a proposed $75M expansion from Scannell Properties near Cleveland Hopkins International Airport, while adaptive reuse and lakefront land plays signal long-term repositioning strategies.

At the same time, investor confidence in neighborhoods like Gordon Square and Detroit-Shoreway continues to prioritize walkability, architectural character, and durable rental demand over speculative appreciation.

Cleveland’s reset isn’t retreat — it’s recalibration.

🏡 House of the Week | Custom New Build in SOLO

• 📍 3005 Monroe Ave, Cleveland, OH 44113

• 💰 $592,500 | 📏 1,860 sq. ft. | 🛏 3 Bed | 🛁 2.5 Bath | Built 2025

Located in Ohio City’s SOLO neighborhood, this custom-built home by Berges Home Performance blends modern design with long-term financial upside via the 15-year tax abatement eligibility.

Open-concept living, a well-appointed owner’s suite, attached two-car garage, and future basement expansion potential position this property as a strong example of continued west-side infill growth near W 25th Street.

Until next week,

Cleveland Real Estate Investors

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