The Rockefeller Building has another opportunity for a reprieve from the wrecking ball if a public-private partnership can bring funding and plans together to save the historic downtown structure (NEOtrans). CLICK IMAGES TO ENLARGE THEM.
K&D, land banks hatch plan to buy The Rock
K&D Group confirmed that it, along with the city and county land banks, are joining forces to acquire and redevelop the historic Rockefeller Building, 614 W. Superior Ave., in Downtown Cleveland. According to those who have been involved in the project, it may be one of the last, best hopes to save the building.
Doug Price III, CEO of Willoughby-based K&D Group, confirmed in an e-mail to NEOtrans that he is leading an effort to save the Gilded Age structure, constructed in 1903-10 by Cleveland native John D. Rockefeller. The building is listed on the National Register of Historic Places.
“We’re under contract,” to buy the property, Price said in an e-mail today to NEOtrans. “We’re in a due diligence (research) phase for the next 30 days.”
That would be a quick turnaround and means that it’s not guaranteed that K&D will close on the purchase. K&D has renovated multiple historic buildings downtown for residential, hotel and mixed uses. But the Rockefeller may be its most complicated, most consequential deal yet.
It’s still early on, so Price said he doesn’t yet have a plan for how the building could be used if his company follows through on closing the deal. But it will hinge on the public sector playing a very significant role in saving the property.
Five years ago, the Rockefeller Building was still occupied with some office tenants, so the utilities were still on and its interiors were left intact. That made it an attractive redevelopment opportunity. Today, the situation is more challenging (NEOtrans).
“We’re working with the city and county land banks,” Price added. “We’ll announce plans after that (due diligence phase).”
His efforts come only a month after prior interested parties had walked away from pursuing a deal for the building. The interest evaporated despite $70 million in public incentives that have been amassed and remain available to redevelop the property. Some local real estate experts became concerned that the building could be razed.
The 17-story building was left unsecured by a prior owner and open to vandals and thieves. They stole its ornate bronze fixtures and pipes, causing flooding of its basement. The vandals also damaged its marble, glass and wooden furnishings, while breaking windows that left the interiors open to Cleveland’s winter.
BridgeInvest, a Miami-based lender, took over the property in July 2025 after Rockefeller Building Associates defaulted on its obligations. Public records show BridgeInvest has spent several thousand dollars to secure the structure. But there have been additional trespassing incidents since.
Rico Pietro, a principal at Cushman & Wakefield – CRESCO Real Estate brokerage in Independence, confirmed that the prior interest in the property had vanished. In light of the pressing parking need in this area, next to the new Sherwin-Williams headquarters, there was a danger of losing this building to a parking lot.
The Rockefeller Building is seen here from the ramp to the parking area below Terminal Tower — another K&D Group property (NEOtrans).
But he said it was K&D that stepped forward to save the building — no one had to convince them to buy the building and an obsolete parking garage behind. The pending deal includes nearly 2 acres of land and at least 120 parking spaces which could grow to 170 if the garage is razed.
“The elephant in the room is this area has an incredible parking need,” Pietro said. “The model for this site is 515 Euclid (a parking garage that gained a 19-story apartment tower above).”
“He’s moving fast and we’re on an accelerated disposition,” Pietro added. “Thirty days to closing is not normal (one year is). We’re lucky to have him and it’s going to village of incentives to bring this building back.”
K&D is currently wrapping up $40 million in renovations to the 127-year-old Electric Building, 700 Prospect Ave., downtown. It’s the latest of many downtown properties that K&D Group has renovated and reactivated — Terminal Tower, 55 Public Square, Halle Building, Hanna Annex, Leader Building, Residences at 668 and more, including in the suburbs.
Ricardo León, president and CEO of the Cuyahoga Land Bank, did not respond to a NEOtrans e-mail prior to publication of this article. NEOtrans will continue to update this story as we learn more.
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