Last year, Phoenix Investors purchased Nela Park in East Cleveland, a campus spanning over 90 acres, and took full control of the over two dozen buildings in early May 2023. Phoenix is considering pursuing historic preservation for the campus.
Phoenix views Nela Park as a mixed-use redevelopment opportunity with the potential to create offices, labs, schools, etc. The property is currently 20% occupied by GE Lighting.
East Cleveland public officials are optimistic that Phoenix will boost curb appeal and job creation through its redevelopment efforts. Phoenix is aware of the hurdles in East Cleveland, such as the low demand for office space; however, they believe this property has tremendous potential for success.
Click here to read the full article by Michelle Jarboe at Crain’s Cleveland Business.
