CLEVELAND, OH – Property preservation real estate company GBX Group LLC, in collaboration with Ethos Capital Partners, LLC, project partners and city officials, announced the redesigned 2125 Superior Avenue, now known as 2125 Superior Living. Located in the heart of the emerging Superior Arts District in downtown Cleveland, this upgraded residential and retail property is GBX's latest investment in adaptive recycling of historic buildings across the country.
The newly refurbished 2125 Superior Avenue was built in 1914 and originally houses the clothing factory The Prince-Wolf Co. and now consists of 57 units, 40,000 square meters of mixed-use residential and hospitality. The design preserves the historical significance of the building and offers a mix of modern amenities. It includes an outdoor courtyard and a dog park for renters. Street level will be home to Green Goat, a bar and café owned by local restaurateur Bobby George, which will be a meeting point for local residents, nearby workers and visitors to the district. The new apartments will welcome residents from the beginning of December. The opening of the Green Goat is planned for the beginning of 2021.
For Bobby George, Cleveland restaurant owner and lead developer and majority owner of this project, investing in the Superior Arts District is a personal investment.
"I live across the street and spend my money where I believe the Superior Corridor is well on its way to becoming a popular destination for businesses, visitors and local residents," said George. "In addition to the chic city life, our project on 2125 Superior Avenue will be a foodie treat with an amazing array of nutritious and delicious local dishes at Green Goat."
The project continues GBX Group's investment in the Superior Arts District
GBX, based in Cleveland, has used federal, state, and local tax incentives to maintain, redevelop, and manage historic real estate projects in 20 states across the country. It often takes a mix of historic conservation measures, historic tax credits, and other government programs to make these iconic buildings financially viable in the face of less expensive new builds.
“All over America, neighborhoods like the Superior Arts District, which houses historic buildings, are experiencing a renaissance. Largely abandoned at the beginning of suburbanization a generation ago, these old economic centers are again in high demand as young professionals commute to the city center to find jobs and social attraction, "said Drew Sparacia, CEO of GBX. "By leveraging historic building conservation programs at the federal, state and local levels to rescue and rehabilitate historic buildings, we can make necessary and significant investments in the urban core while preserving the structure of these neighborhoods rather than demolishing and rebuilding them These projects are a catalyst for economic growth through construction jobs and an increase in permanent payrolls, and they generate millions in new tax revenues at the local, state and federal levels. "
A recent example of this is a recent economic impact study conducted on the Empire Improvement Building, GBX's headquarters, located at 2101 Superior Avenue, adjacent to the Adaptive Recycle Project at 2125 Superior Avenue. A study by the Rutgers Edward J. Bloustein School of Planning and Public Order found that preserving the building, both during construction and operations, combined added $ 7.3 million in tax revenue in 2019. It is equally important that the investments made through federal and state tax incentives are returned to government agencies in just over five years.
Antonin Robert, GBX president for community development and chairman of the Superior Arts Improvement District, commented; "We're excited about this project as the latest positive development in the rebirth of the historic Superior Arts District. GBX has long envisioned a revitalized Superior Corridor that has acquired over 20 parcels in recent years. Combining an established Asian community, The proximity to Cleveland State, Playhouse Square, and easy access from the inner belt make this area attractive for historic monuments that also attract new developments. "
The opening of 2125 Superior Avenue isn't the end, it's just the latest development for the neighborhood. It follows recent support from Cleveland City Council for financial incentives that would encourage Brecksville-based CrossCountry Mortgage to create new headquarters for more than 700 workers by redeveloping a six-acre block between East 21st and East 22nd.
The adviser for monument preservation was Peter Ketter. Construction is being completed by PCS & Build, LLC. The construction financing was facilitated by the TriState Capital Bank.
