The Cleveland Metropolitan School District’s headquarters building will go up for sale at auction next year. David Browning, managing director of CBRE Cleveland, made the announcement on Dec. 10, setting the date for the open-outcry auction as March 7, 2013, at the Sheraton Cleveland Airport Hotel.
The historic building was constructed in 1930. It stands six stories high and is located at 1380 E. Sixth St. The property sits on 1.75 acres in the heart of Cleveland, with 209,359 gross square feet of space. It is surrounded by development projects totaling more than $2 billion, among them the Medical Mart, the Flats East Bank Development, the Horseshoe Casino and numerous residential projects.
“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. “The potential demand for truly unique hotel, residential, office and mixed-use space, as well as a growing parking need in the CBD, makes the CMSD site one of the most exciting redevelopment opportunities in Cleveland.”
The decision is part of the Cleveland Metropolitan School District’s plan to cut costs by unloading real estate and moving to rented offices. The Ohio Revised Code requires school properties to be sold at auction if no local charter schools express interest in them.
The auction will start at noon and be conducted by Gordon Greene, managing member of Chartwell Auctions L.L.C., a Cleveland-based real estate auctioneer and broker. Potential buyers must bring a certified or cashier’s check for $200,000.
”We are pleased to have the opportunity to be part of downtown Cleveland’s renaissance. Downtown Cleveland’s future is now. 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,” said Browning in a release.
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