News Summary
The Rockefeller Building in Downtown Cleveland is now for sale after failed redevelopment plans. This historic landmark, facing significant deterioration and safety concerns, is managed by BridgeInvest. The sale aims to attract buyers with over $24 million in tax incentives, despite the building’s disrepair. Community members are concerned about preserving this Cleveland landmark, which is crucial for local development. Recent public interest has also highlighted the legacy of John D. Rockefeller amidst discussions of urban renewal.
Cleveland
The historic Rockefeller Building located at 614 W. Superior Ave. in Downtown Cleveland is now available for sale due to failed ownership and redevelopment plans. This 17-story structure, which was originally developed between 1903 and 1905 by industrialist John D. Rockefeller, has fallen into disrepair and presents concerns of vandalism, prompting its current listing on the market.
The property has a rich history, having been designated as a landmark and listed on the National Register of Historic Places since 1973. However, it has suffered significant deterioration, including damage such as broken windows, graffiti, and an open elevator shaft. The Cleveland fire department has also flagged the structure as a safety hazard, citing unsafe conditions such as standing water in the basement.
This sale is being managed by BridgeInvest, the lender overseeing the property after the previous owners, Kenny Wolfe and Agostino Pintus, abandoned their plans for redevelopment. The building was originally purchased for $13.35 million in 2021 with intentions for residential development, which did not come to fruition due to financial issues faced by the owners.
Details of the Sale
The Rockefeller Building encompasses 1.89 acres, including the main structure, a parking garage constructed in 1925, and surface parking lots. While the city had previously granted permission to demolish the parking garage, it remains intact as the current state of the property continues to deter redevelopment efforts.
In an effort to prevent further damage to the building, BridgeInvest is working to secure the property within the next 30 days. A significant factor in attracting potential buyers is the availability of over $24 million in tax incentives, which include historic tax credits and Opportunity Zone tax credits, aimed at encouraging redevelopment.
Market Insights
The property is being marketed by Rico Pietro of Cushman & Wakefield-CRESCO, who emphasizes the potential of the Rockefeller Building due to its prime location near the new Sherwin-Williams headquarters and other major Cleveland attractions. Despite the current state of disrepair, the site is considered a strategic opportunity for development in light of the ongoing urban renewal within Downtown Cleveland.
Concerns and Community Impact
Community members have expressed significant concern regarding the preservation of the building, given its historical importance as a Cleveland landmark. A recent report highlighted that the structure has seen a significant number of unauthorized entries, with local police responding to break-in incidents involving multiple trespassers. The property has become a focal point in discussions about the revitalization of Cleveland, as it is noted to represent the largest “parking crater” in Downtown Cleveland, which necessitates redevelopment for the economic growth of the area.
Additionally, public interest in the Rockefeller family legacy is being highlighted through a recent exhibition of Rockefeller family artifacts, launched at the Medici Museum of Art in Warren, Ohio. This exhibition serves to remind the community of the historical impact and legacy of John D. Rockefeller, even as the future of the historic building remains uncertain.
Deeper Dive: News & Info About This Topic
HERE Resources
Additional Resources
- Crain’s Cleveland: Cleveland’s historic Rockefeller Building to be sold by lender
- Cleveland19: World’s 1st billionaire left legacy in Northeast Ohio
- News 5 Cleveland: 5 people break into Rockefeller Building
- Cleveland Magazine: The historic Rockefeller Building is back on the real estate market
- Axios Cleveland: Historic black tennis courts of Jean Murrell Capers
- Wikipedia: John D. Rockefeller
- Google Search: Rockefeller Building Cleveland
- Google Scholar: Rockefeller Building Cleveland
- Encyclopedia Britannica: Cleveland
- Google News: Rockefeller Building Cleveland
Author: STAFF HERE CLEVELAND WRITER
CLEVELAND STAFF WRITER The CLEVELAND STAFF WRITER represents the seasoned team at HERECleveland.com, your premier source for actionable local news and information in Cleveland, Cuyahoga County, and beyond, delivering "news you can use" with in-depth coverage of product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news impacting the region—backed by years of expert reporting and robust community input, including local press releases and business updates, while providing top reporting on high-profile events like the Rock and Roll Hall of Fame inductions, Cleveland International Film Festival, and holiday parades, alongside key organizations such as the Cleveland Clinic, Cleveland Orchestra, and Great Lakes Science Center, plus leading businesses in manufacturing and healthcare like Sherwin-Williams and University Hospitals, and as part of the broader HERE network including HEREDayton.com, offering comprehensive, credible insights into Ohio's vibrant landscape. HERE Cleveland HERE Dayton
