California investors eye Cleveland's historic Variety Theater
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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.