Turnkey Development Opportunity in The Flats 1720-1736 Columbus Rd

CBRE is pleased to present qualified investors a rare opportunity to acquire a permit ready mixed-use redevelopment opportunity in the legendary district, The Flats, with direct access to Downtown Cleveland and the adjacent neighborhoods of Ohio City and Tremont. This opportunity consists of three existing buildings totaling 21,676 square feet all originally built in 1852. 1720 Columbus Road is a 9,582-square-foot unfinished warehouse spanning three stories. The property was renovated in 2015 and sits on 0.15 acres. 1730 Columbus Road is a 5,418-square-foot, two-story building. The property consists of a first-floor open garage space with an unfinished second floor. The property is situated on a total of 0.40 acres. Finally, 1736 Columbus Road is a 6,676-square-foot asset renovated in 2015 consisting of a completely renovated office space including a new sprinkler system, electrical, and flooring with an opportunity for a rooftop deck. The properties come equipped with 10 controlled parking spaces at the rear of the building and approximately 10 public parking spaces in front of the assets. The approved plans for this project include an additional 20,000 square feet of new residential space on top of the existing structures, totaling 45 apartments, and a top-floor amenity deck with amazing views of the city skyline and Cuyahoga River. This property is in an Opportunity Zone, and there is potential eligibility for historic tax credits. This development opportunity comes with completed construction drawings and is ready for a construction permit at the City of Cleveland. Buyers can also continue to run the property as-is and utilize the on-site office and warehousing features.

Multifamily redevelopment bodes well for buyers in the greater Cleveland multifamily market. Rooted in steel and automotive manufacturing, Cleveland's economy has diversified over the past several decades. Healthcare services is one of Cleveland's largest industries, and hospital networks Cleveland Clinic, University Hospitals, and Metro Health represent some of the region's largest employers. The biomedical and technology sectors benefit from the metro's reputation as a healthcare powerhouse, aided by initiatives like the Health-Tech Corridor (HTC). The HTC, launched in 2010, is a 1,600-acre area on the east side of Cleveland linking Downtown Cleveland to University Circle. The area encompasses two major hospital campuses (University Hospitals and Cleveland Clinic), multiple business incubators, four academic institutions, and over 170 high-tech and health-tech companies. According to the 2018 Midwest Healthcare Growth Capital Report, biomedical companies in Cleveland ranked third in the Midwest for attracting capital investments. Cleveland is home to one of the 12 Federal Reserve Banks located throughout the US, and the financial services sector has seen growth with the establishment and expansion of major banking institutions in Cleveland. The city received a significant boost in 2020, with Fortune 500 company Sherwin-Williams announcing that its global headquarters would remain in Cleveland. The company plans to invest another $600 million in northeast Ohio, including a new, 1 million-square-foot headquarters building downtown and a 600,000-square-foot research facility in Brecksville, which combined employ 3,500 workers. The company purchased a large parcel of land just west of Public Square downtown for $49 million, which will serve as the new headquarters site. In June, the Cleveland City Council approved a tax financing package for the project, which is expected to generate around $8.6 million in income taxes annually for the city.

This property is positioned within one of the most explosive development areas in the state of Ohio. Just within a half-mile of this proposed development is an additional 1,500+ apartment units recently either completed or under construction, with the major development Thunderbird across the Cuyahoga River with over 600 units under construction. Accessibility is a breeze with major roadways I-90, I-490 and OH 10 are all within a quick distance, allowing for access to the entire Cleveland metro.

Property tours are available by appointment only. Please contact the listing broker to schedule.