ICP Purchases 377-Acre Former Amusement Park in Northeast Ohio for Mixed-Use Redevelopment
BAINBRIDGE TOWNSHIP AND AURORA, OHIO — Industrial Commercial Properties (ICP) has purchased a 377-acre tract that formerly housed the Geauga Lake Amusement Park (pronounced jee-AW-ga) and Sea World Ohio. Cedar Fair sold the asset for an undisclosed price. Located in Bainbridge Township and Aurora approximately 25 miles southeast of downtown Cleveland, the developer plans to rebrand the property as The Geauga Lake District.
Elements of the new design will pay homage to the history of the site and the former amusement park, which operated from 1887 to 2007. The master-planned development will include retail, restaurants, residential and other commercial uses alongside public green space.
“We are reigniting this iconic landmark,” says 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.”
The development will include the construction of Geauga Lake Boulevard, which will connect State Route 43 to Depot Road.
“Many of us that grew up in Northeast Ohio have fond memories of the park and it was important to our development team, the Bainbridge Township trustees and the mayor of Aurora, Ann Womer Benjamin, 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,” says Chris Salata, chief operating officer at ICP.
Home improvement store Menards plans to be the first tenant to open at the new development in early 2022 on 24 acres. Further information on the project’s timeline was undisclosed.
Founded in 1996, Industrial Commercial Properties is a real estate development company headquartered in Cleveland, Ohio, specializing in commercial and industrial rehabilitation, build-to-suits and economic redevelopment. ICP currently owns over 140 properties with more than 300 tenants, totaling 42 million square feet of industrial, office and commercial space.
— Katie Sloan and Kristin Hiller