Cleveland Multifamily for Sale - Southwest
Value-add investors and developers are invited to discover this incredible high-profile revitalization or redevelopment opportunity of The Variety Theater, at 11815-11837 Lorain Avenue in the Jefferson neighborhood of Cleveland, Ohio. This historic property features a 20,675-square-foot auditorium, multiple retail suites fronting Lorain Avenue and second floor apartments, totaling ~33,323 square feet.
The former Variety Theatre, nestled 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.
Currently, the Variety Theatre offers five retail storefronts totaling 6,455 square feet of versatile space. The building’s direct frontage to Lorain Avenue provides the spaces with impressive exposure to nearly 30,000 daily vehicles. The spaces are ideal for coffee shops, restaurants, record stores, or other boutique retail uses. The property’s upper level contains 12 studio apartment units with a unique point of entry. The spaces offer the optionality for conversion into creative suites or a boutique hotel. The units all enjoy access to a private green room with a kitchen, a bathroom, and its own private entryway. The theatre space was originally designed to accommodate 1,900 patrons, including a 350-seat balcony and an orchestra pit. The space can be transformed into a state-of-the-art performing arts venue and event space with a focus on live music, dance, theatre, and private events such as weddings, conferences, and community gatherings.
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.
