CBRE’s Cleveland office will be auctioning off a piece of its city’s history early next year. And the buyer will be gaining the property during a key time in Cleveland’s history: This Midwest city is in the middle of a development boom.
CBRE Cleveland is offering the Cleveland Municipal School District’s headquarters building during an open-outcry auction March 7 of next year, according to David Browning, managing director of the office.
The auction will take place at noon at the Sheraton Cleveland Airport Hotel.
The property itself is a special one. The Cleveland Municipal School District headquarters is located at 1380 E. 6th St. in Cleveland on the historic Mall A, part of Daniel Burnham’s Group Plan. The property sits on 1.75 acres and measures 209,359 square feet.
“This offering is a truly rare opportunity to acquire a property that is considered the centerpiece of Cleveland’s downtown lakefront redevelopment,” said Douglas Johnson, managing director of CBRE Auction Services, in a written statement. “The potential demand for unique hotel, residential, office and mix-use space, as well as a growing parking need in the CBD, makes the site one of the most exciting redevelopment opportunities in Cleveland.”
The property sits in a prime spot in the city. Across the street from it is the site for Cleveland’s new Medical Mart and Convention Center, a $460 million complex scheduled to open in the summer of 2013.
The site is also located near the Key Tower/Marriott Hotel, the new headquarters of Calfee law firm, the new Westin Hotel that is scheduled to open in the spring of 2013 and the headquarters building of the Cleveland Public Library.
“Downtown’s future is now,” said Browning in a statement. “The recent and planned improvements to Public Square, the malls and the lakefront will ensure that Cleveland will be an exciting place to live, work and play.”
