Data: Abandoned America, Cresco Real Estate, NEOtrans; Chart: Axios Visuals
California investors are in talks to buy Cleveland's long-dormant Variety Theater, offering a new path forward for the historic venue on Lorain Avenue.
Why it matters: The Variety has cycled through owners for decades, but the cost and complexity of restoration has handicapped recent efforts to bring it back to life.
Driving the news: Onro Property Solutions and DCS Properties confirmed their interest in the theater complex to NEOtrans, though the reported sale is still pending.
Their stated plan is to restore the theater "the way it was," along with the 12 apartments above it.
Catch up quick: Kelly Flamos, the former owner of Mahall's who purchased the Variety in 2022, said she decided to sell after realizing how complicated large-scale commercial restoration can be.
She estimated the Variety's restoration costs at roughly $12 million.
What's next: If a deal materializes, the California investors will have access to nearly $5 million in tax credits and other public resources to aid in their redevelopment efforts.