The Variety Theater - Historic Development Op | 11815 Lorain Ave
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The Variety Theater - Historic Development Op 11815 Lorain Ave
33,323 SF 100% Leased 4-Star Retail Building Cleveland, OH 44111 For Sale
Investment Highlights
- Located in the lively Jefferson neighborhood of Cleveland, near the corner of Lorain Avenue and West 117th Street (nearly 30,000 VPD).
- Convenient access to I-90 (nearly 130,000 VPD).
- Listed on the National Register of Historic Places.
- $1.4 Million available in state-funded grants.
Executive Summary
High profile revitalization or redevelopment opportunity of The Variety Theater, featuring a 20,675 square foot auditorium, multiple retail suites fronting Lorain Avenue and second floor apartments, totaling ~33,323 SF.
The former Variety Theatre, located at 11815 Lorain Avenue on the near-Westside of Cleveland, presents an exciting opportunity for a mixed-use redevelopment. With its iconic architecture and rich history, the theater is primed for repositioning. As demand for both residential and entertainment spaces continue to grow
in Northeast Ohio, transforming the theater into a venue for concerts, events, weddings, and entertainment could fill a critical gap in the mid-market sector.
A key advantage of this project is the property’s status as a historic landmark, as well as the approval of a federal historic tax credit (HTC) award ($1.6 million), a state HTC award ($1.4 million), and the availability of completed architectural plans. These factors save time and resources, streamlining the development process.
Redeveloping the Variety Theatre into an entertainment venue offers a compelling investment opportunity to restore a historic landmark while meeting the community’s evolving needs. This project holds the potential to enrich Cleveland’s cultural landscape, generate returns, and preserve the legacy of a cherished institution.
The former Variety Theatre, located at 11815 Lorain Avenue on the near-Westside of Cleveland, presents an exciting opportunity for a mixed-use redevelopment. With its iconic architecture and rich history, the theater is primed for repositioning. As demand for both residential and entertainment spaces continue to grow
in Northeast Ohio, transforming the theater into a venue for concerts, events, weddings, and entertainment could fill a critical gap in the mid-market sector.
A key advantage of this project is the property’s status as a historic landmark, as well as the approval of a federal historic tax credit (HTC) award ($1.6 million), a state HTC award ($1.4 million), and the availability of completed architectural plans. These factors save time and resources, streamlining the development process.
Redeveloping the Variety Theatre into an entertainment venue offers a compelling investment opportunity to restore a historic landmark while meeting the community’s evolving needs. This project holds the potential to enrich Cleveland’s cultural landscape, generate returns, and preserve the legacy of a cherished institution.
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
33,323 SF
Building Class
B
LoopNet Rating
4 Star
Year Built
2027
Construction Status
Proposed
Percent Leased
100%
Tenancy
Multiple
Number of Floors
2
Building FAR
1.06
Lot Size
0.72 AC
Walk Score ®
Very Walkable (82)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 018-05-022 | Improvements Assessment | £83,148 |
| Land Assessment | £25,921 | Total Assessment | £109,068 |
PROPERTY TAXES
Parcel Number
018-05-022
Land Assessment
£25,921
Improvements Assessment
£83,148
Total Assessment
£109,068
Contacts
-
Eliot Kijewski -
Ryan Fisher -
Conor Coakley -
Cameron Callahan -
Austin Love -
Cushman & Wakefield | CRESCO Real Estate
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The Variety Theater - Historic Development Op | 11815 Lorain Ave
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