Industrial Commercial Properties Purchases Former Geauga Lake and Sea World Property from Cedar Fair

CLEVELAND, Nov. 2, 2020 /PRNewswire/ -- Industrial Commercial Properties LLC (ICP) has acquired the 377 acre property that was the former home of Geauga Lake Amusement Park and Sea World Ohio.  The property is located in Bainbridge Township, Ohio and the City of Aurora, Ohio.  The property will be rebranded as The Geauga Lake District, with elements of design that will pay homage to the history of the site and the former amusement park, which operated from 1887-2007.

The Geauga Lake District promises to be a master planned development that will include retail, restaurants, residential and other commercial uses.  A cohesive and curated design will showcase uniform lighting, landscaping, public improvements and streetscape, including the construction of a new Geauga Lake Boulevard, which will connect State Route 43 to Depot Road and will feature a roller coaster design feature in the median.

"We are reigniting this iconic landmark," said Chris Semarjian, owner of ICP. "The redevelopment of this site will not only create a fully functioning district where people can live, work, dine and recreate, but it will also have a broader impact on economic development and job creation for the region."

"Many of us that grew up in Northeast Ohio have fond memories of the park, and it was important to our development team, the Trustees and the Mayor that we respect the remarkable history of the property and take great care in creating design elements like the signage, landscaping, lighting, and other public improvements at the site," said Chris Salata, ICP's chief operating officer.  "With greater residential density planned for our property and Pulte's project under construction in Aurora, the demand for commercial users will be strong," added Salata.   

ICP is known for providing industry-leading real estate solutions that are custom designed to meet the evolving needs of tenants, local communities and public officials.  The first company to be part of The Geauga Lake District will be Menards, a national, family-owned, home improvement store, which will occupy 24 acres, and will open in early 2022.  Founded in 1960, Menards boasts over 350 stores across the country in its portfolio.

"Menards at Geauga Lake" will represent a multi-million-dollar investment into the District and will be the retailer's third store in Northeast Ohio and their first on the east side of Cleveland.  "We are thrilled to have such a high-quality operator like Menards kick off the project," stated Austin Semarjian, vice president of leasing and acquisitions at ICP.

Over the last year, ICP collaborated with Mayor Ann Womer Benjamin of Aurora and the Bainbridge Township Trustees, Lorrie Sass Benza, Jeffery S. Markley and Kristina O'Brien, to make this exciting and impactful project become a reality.  On September 28, 2020, the Township and the City both unanimously approved the creation of a Joint Economic Development District (JEDD) for the site that creates an income and tax sharing arrangement between the communities and calls for Aurora to provide water and sewer utilities to the property.

ICP is actively marketing the site to retailers, restaurants, residential and other commercial users.  The Geauga Lake District will highlight the spectacular 50-acre, spring-fed, Geauga Lake and include open green space that will be activated with public improvements.  Geauga Lake will offer scenic vistas for all of the development's residents and visitors.

About The Geauga Lake District
The Geauga Lake District is a master planned, mixed-use development, located in Bainbridge Township in Geauga County, Ohio and the City of Aurora in Portage County, Ohio.  With elements of design that pay homage to the history of the site and the former amusement park, The Geauga Lake District will include retail, restaurants, residential and other commercial uses, providing spacious green space and scenic vistas for all of its residents and visitors.

About Industrial Commercial Properties (ICP) 
Founded in 1996, Industrial Commercial Properties LLC (ICP) is a real estate development company headquartered in Cleveland, Ohio, specializing in commercial and industrial rehabilitation, build-to-suits and economic redevelopment.  The Midwest's leader in commercial real estate, ICP currently owns over 140 properties with more than 300 tenants, totaling 42 million square feet of industrial, office and commercial space.

Contact: Deirdre McGuane
(216) 570-4371 | [email protected]

SOURCE Industrial Commercial Properties

Related Links

https://www.icpllc.com