CLEVELAND – Historic preservation real estate firm GBX Group LLC, in partnership with Ethos Capital Partners, project partners, and city officials, today announced the reimagined 2125 Superior Avenue. This modernized residential and retail property in the heart of Downtown Cleveland's burgeoning Superior Arts District is GBX’s latest investment in the adaptive reuse of historically significant buildings across the country.
Erected in 1914 and originally home to the Prince-Wolf Co. garment factory, the newly rehabilitated 2125 Superior Avenue now consists of a 57-unit, 40,000-square-foot mixed-use residential and hospitality site. The design preserves the building’s historic significance while featuring a blend of modern amenities. It includes an interior open-air courtyard and dog park for tenants. Street-level will be the home to Green Goat, a bar and café by local restauranteur Bobby George that will be a gathering place for neighborhood residents, nearby workers, and visitors to the district. The new apartments will begin welcoming residents in early December with the Green Goat slated to open early in 2021.
Project Continues GBX Group’s Investment in Superior Arts District
Cleveland-based GBX has deployed federal, state, and local tax incentives to preserve, redevelop, and manage historic real estate projects in 20 states across the country. It often takes a mixture of historic preservation easements, historic tax credits, and other government programs to make it financially viable to preserve these iconic buildings in the face of less costly new construction.
"Across America, urban neighborhoods like the Superior Arts District that house historic buildings are experiencing a Renaissance. Largely abandoned at the onset of suburbanization a generation ago, these old economic hubs are once again in high demand as young professionals flock downtown for jobs, short commutes, and social allure," said Drew Sparacia, CEO of GBX. "By utilizing federal, state, and local historic preservation programs to save and rehabilitate historic buildings, we can drive needed and significant investment into the urban core while maintaining the fabric of these neighborhoods in lieu of destroying and building new. These projects are a catalyst for economic growth through construction jobs and increased permanent payrolls, and they generate millions in new tax revenues at the local, state, and federal levels."
A case in point is a recent economic impact study conducted on the Empire Improvement Building, GBX’s headquarters, located at 2101 Superior Avenue, adjacent to the adaptive reuse project at 2125 Superior Avenue. The study by Rutgers Edward J. Bloustein School of Planning and Public Policy found that the preservation of the building both during construction as well as its operations in 2019 returned a combined $7.3 million in added tax revenues and just as important, the investments made through federal and state tax incentives will be returned to government agencies in just over five years.
Antonin Robert, GBX’s President of Community Development and chairman of the Superior Arts Improvement District commented; “We are 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 having acquired over 20 parcels in the past several years. The combination of an established Asian community, the proximity of Cleveland State, Playhouse Square, and the ease of accessibility from the innerbelt, makes this area attractive for historic preservation that also attracts new development.”
Ethos Capital Partners, LDA Architects, the City of Cleveland, and project partners
Cleveland area restauranteur and developer Bobby George’s Ethos Capital Partners is both the lead developer on this project and part of the ownership group. For him, investment in the Superior Arts District is personal.
Architectural services were provided by LDA Architects and designer Elise Biebelhausen, who pointed to her sources of inspiration on this historic project. “The reinstated courtyard with exposed steel columns is the focus for the new common spaces and recreates a hidden piece of natural light into the original garment manufacturer,” explained Biebelhausen. “The courtyard provides multiple pathways weaving through the building and encourages social engagement for both residents and visitors.”
The opening of 2125 Superior Avenue is not the end but just the latest development for the neighborhood. It follows Cleveland City Council’s recent support for financial incentives that would propel Brecksville-based CrossCountry Mortgage to create a new headquarters for more than 700 workers by redeveloping a six-acre block between East 21st and East 22nd.
“Preserving and protecting historic buildings in the Superior Arts District and across our downtown assures not only a diversity in architecture and cultural richness in Cleveland but diversity in people who live and work here,” said Dave Ebersol, city planner, Cleveland. “GBX Group has made significant investments in the area through the use of federal, state, and local incentives, including in this case a City of Cleveland tax abatement that helps offsets higher costs associated with restoring historic buildings.”
The historic preservation consultant was Peter Ketter. Construction is being completed by PCS & Build, LLC. Construction financing was facilitated by TriState Capital Bank.
Media Contact: Philip Winton, VP of Strategic Messaging, (216) 912-9705, pwinton@gbxgroup.com