A trio of 19th-century buildings, including the former Arhaus Furniture headquarters, on Old River Road on Cleveland’s Flats East Bank are for sale and could benefit from emerging developments nearby (CRESCO). CLICK IMAGES TO ENLARGE THEM.
Three Flats East Bank buildings available
Three of the most historic buildings on Cleveland’s Flats East Bank are now available for sale. And now might be an opportune time for them to get repositioned and redeveloped with other nearby properties getting new directions, too.
The largest of the three buildings for sale next to the Cuyahoga River is the three-story, 22,075-square-foot former Arhaus Furniture headquarters, 1294–1310 Old River Rd. It was built in 1871 for the Upson-Walton Co., a maritime hardware supplier.
Two neighboring parcels also are for sale by the same owner, a GBX fund managed by GBX Fund Management Ltd. of Cleveland, containing one- and three-story buildings, 1316 and 1322 Old River, built in 1890 and 1875, respectively. It purchased these properties totaling 0.36 acres in 2021.
But when buildings have been around as long as these, they typically have had many uses. Additional uses are coming. They are listed for sale at $2.25 million by Cushman Wakefield | CRESCO Real Estate of suburban Independence.
Next to 1294–1310 Old River, the Cleveland Metroparks in late-2021 acquired a half-acre, 72-space parking lot at 1290 Old River for $3 million for future development, possibly as a greenspace, boardwalk, and/or other public realm.
The three riverfront parcels on Old River Road and their three buildings in the sale offering are all late-19th century structures rated in fair condition by Cuyahoga County (Google).
“The acquisition of the 1290 Property offers the opportunity to implement initiatives informed by community feedback to increase points of access to the river for residents and visitors,” said the Metroparks in 2021. Additional properties in the Flats were acquired for the Metroparks for that purpose.
Across the street, GBX acquired and is redeveloping the former Samsel Supply property with about 100 residences and commercial space in the coming years. It recently received $5 million in Ohio Historic Preservation Tax Credits to support that $50+ million project.
GBX secured an historic preservation easement agreement for the trio of for-sale properties. But the firm, which specializes in historic preservation and redevelopments, said it already has a lot on its plate and chose not to redevelop them.
“GBX is concentrating its redevelopment efforts in the neighborhood on the Samsel Supply building — a substantial undertaking,” said a GBX spokeswoman. “Our decision to market these nearby properties reflects that focus and our confidence in the future of the Flats East Bank.”
“With Samsel Supply advancing and Cleveland Metroparks investing nearby, this is an exciting opportunity for new owners to bring complementary uses to these riverside properties, support vibrant public spaces and strengthen connections to the riverfront,” she added.
The trio of for-sale properties outlined in red have substantial riverfront space and reveal their basement levels on the river side. They are next to a parking lot owned by the Cleveland Metroparks that could be redeveloped with public spaces. And they’re across Old River Road from a significant mixed-use redevelopment of the former Samsel Supply buildings (CRESCO).
GBX said it anticipated that these investments create an opportunity for new owners to bring complementary hospitality, residential, office or retail uses to these riverside properties. Such redevelopments could support uses of the Metroparks’ site and to provide connections for riverfront access in the neighborhood.
“We are excited about the momentum in Old River Road and the Flats East Bank, including the redevelopment of the Samsel Supply building and Cleveland Metroparks’ nearby investments,” GBX’s spokesperson added.
The Upson-Walton Building housed Arhaus Furniture’s headquarters from 1986 to 2007. More recently, tenants across the three properties included the International Organization of Masters, Mates & Pilots and the Marine Engineers’ Beneficial Association.
Both of them vacated their spaces in 2023 in connection with repairs to riverside bulkheads. Architectural firm SA Group also departed in 2023. Nightclub owner Rodger Riggs remains as a tenant.
Brokers Brad Nosan and Conor Coakley of Cushman Wakefield | CRESCO said their target buyer is likely a local company that would like to become an owner-user, a local or regional developer who has experience in mixed-use historic tax credit developments.
A sample rendering of what the Upson-Walton Building if renovated with a hospitality uses, such as a restaurant on the ground floor and apartments and/or lodging on the upper levels (CRESCO).
It could be a local or regional restaurateur who wants to expand their footprint in the market and own their own real estate, or a boutique hospitality provider or developer, they said.
“We are extremely excited to bring these historic riverfront, and frankly landmark properties to the market,” said Nosan, a vice president at Cushman & Wakefield | CRESCO.
“We share the same goal with our client GBX of finding the right owner and developer who can redevelop and reactivate these properties, only helping to build on the momentum we’ve seen in the East Bank of the Flats,” added Coakley, senior vice president at the firm’s Cleveland office.
“Finding an owner to redevelop these properties should only complement the work that GBX is doing across the street and beget more development in this district,” Nosan added. “A rising tide lifts all boats as they say.”
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