Dubbed the “World’s First Industrial Park,” Nela Park has a rich history in Cleveland, OH dating back to the early 1920s. The campus’s 26 buildings and over 1 million square feet of space have been home to GE innovation, invention, research, product development, education, social ceremonies, manufacturing, and recreation for decades. Fountains, landscaping, sculptures, and—of course—magnificent lighting have adorned the 92-acre campus for over 100 years. While the property is listed as a “Historic Place” on the U.S. Department of Interior’s National Register, it has also experienced numerous upgrades, expansions, and renovations throughout the last few decades.

In 2022, 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.

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.