CLEVELAND — A former metal cutting shop in the Flats West Bank is changing hands with the potential to spark new development along Cleveland Metroparks Trails.
Commercial Real Estate Broker Terry Coyne put up a “few hundred dollars” to buy the building at 2424 Mulberry Street. Until earlier this week, it was owned by Saw Service and Supply, who was renting it out to another tenant.
“It’s an interesting building that I knew was in an area that’s getting better so I figured I’d take a risk on this,” said Coyne. “Here I see a neighborhood that in 10 years from now will be different and the value will have gone up and I think a lot of credit goes to the Metroparks.”
The building is already on the Centennial Lake Link Trail, which runs from Detroit Road all the way to River Road on the West Bank of the Flats. To the east, that trail is close to upgrades in Settler’s Landing Park. To the west, the trail is two blocks from the Wendy Park Bridge that will connect Ohio City to Whiskey Island and Edgewater Park.
Coyne said that trail connectivity can make it much easier for cyclists or pedestrians to get from one part of the city to the other.
“The [property] values in Ohio City and Tremont are going through the roof and activity begets activity and I would rather be the first in the neighborhood,” said Coyne. “I think what they’re doing over there is amazing. I think that’ll be this neighborhood in 10 years.”
Mulberry’s is up the block from 2424 Mulberry Street and runs volleyball leagues right along the trail already.
The property is also in an Opportunity Zone, designed to spur economic development in historically distressed communities by giving investors “preferential tax treatment,” according to the IRS website.
A condition of getting that preferential treatment is leaving the investment in for about a decade.
“In 10 years from now, this will be either housing or retail, there’s volleyball next door, maybe this will be pickleball or a bar,” said Coyne.
Coyne expects to start about $500,000 worth of work on the building soon to get it ready to show to potential tenants in the fall. He plans on reorienting the building to open up to the trail behind it, and is considering skylights or large windows bring in natural light.
Saw Service & Supply was founded by the grandfather of current-president Dave Belock in the 1940’s. The older Belock started sharpening saw blades in his garage when he wasn’t working as a toll collector.
“He became good enough and had enough residual business to start his own thing and he did it and we’re still going strong,” said Dave.
Saw Service & Supply is headquartered in Lindale and is only liquidating the building in Flats West Bank.
Coyne is also listing the 5.61 acres of land that is currently a parking lot next to the Greater Cleveland Aquarium in Flats West Bank through Newmark.
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