Flats industrial building in the West Bank bought with big plans for the future
CLEVELAND – A former metal-cutting shop in the West Bank Flats is changing hands with the potential to spark new developments along the Cleveland Metroparks Trails.
Commercial real estate broker Terry Coyne spent “a few hundred dollars” to buy the building at 2424 Mulberry Street. Until the start of the week, it was owned by Saw Service and Supply, who rented it out to another tenant.
“It’s an interesting building that I knew was in an area that was improving, so I thought I would take a risk on that,” Coyne said. “Here, I see a neighborhood that in 10 years will be different and the value will have increased and I think that a lot of credit goes to the Metroparks.”
The building is already on the Centennial Lake Link Trail, which runs from Detroit Road to River Road on the West Rim of the Flats. To the east, this trail is near the Settler’s Landing Park improvements. To the west, the trail is two blocks from the Wendy Park Bridge which will connect Ohio City with Whiskey Island and Edgewater Park.
Coyne said the connectivity of the trails can make it much easier for cyclists or pedestrians to move from one part of the city to another.
“The [property] Ohio City and Tremont values go through the roof and activity breeds activity and I’d rather be the first in the neighborhood, ”Coyne said. “I think what they’re doing there is amazing. I think it will be this neighborhood in 10 years.
Mulberry’s is up the block at 2424 Mulberry Street and already runs volleyball leagues along the trail.
The property is also in an Opportunity Zone, designed to stimulate economic development in historically struggling communities by granting investors “preferential tax treatment,” according to the IRS website.
A condition for obtaining this preferential treatment is to leave the investment for about a decade.
“In 10 years it will either be housing or retail, there is volleyball next door, maybe it will be pickleball or a bar,” Coyne said.
Coyne expects to begin work on the building worth approximately $ 500,000 soon to have it ready for presentation to potential tenants in the fall. He plans to reorient the building to open up to the path behind him and envisions skylights or large windows bringing in natural light.
Saw Service & Supply was founded by the grandfather of current President Dave Belock in the 1940s. The elder Belock began sharpening saw blades in his garage when he was not working as a toll collector. .
“He got pretty good and had enough residual work to start his own business and he did it and we’re still healthy,” Dave said.
Saw Service & Supply is headquartered in Lindale and only liquidates the Flats building in the West Bank.
Coyne also lists the 5.61 acres of land that currently stands as a parking lot next to the Greater Cleveland Aquarium in Flats in the West Bank via Newmark.
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