What has been an empty commercial property for decades will become a hub of activity, an opportunity for jobs and income, and the anchor of a thriving neighborhood!

On Wednesday, July 10, 2024, Cuyahoga Land Bank with East Cleveland celebrated the official completion and pending sale of the iconic Mickey’s building. The $3.5 million renovation of the 25,000-square foot commercial building is slated to create up to 100 jobs and a $2.5 million payroll in the city that has only experienced decline over the past few decades.

The potential buyer, Verdynt Biotech, led by two Cleveland natives, and its partner SKYLIIT Labs, are the potential buyers. Verdynt’s expertise is in restoring science buildings in urban areas, while SKYLIIT plans to invest $12 million and bring up to 100 jobs to the property when the project is fully realized.

Beyond economic opportunity, the building serves as the neighborhood anchor for Circle East District, a 30-acre up-and-coming community one mile east of University Circle.

As Cuyahoga Land Bank’s Director of Real Estate Development said in his interview with WEWS Channel 5, “[The completion of Mickey’s] is the first critical piece because people can actually see the investment. This company is going to dump millions of dollars into this particular location.”

Work on this development began years ago with conversations and ideas; public surveys and input; holistic strategizing; discussions with local governments; and so much more. From underground infrastructure to above-ground amenities that make this once-thriving neighborhood buzz again, the team leading the charge considered all the necessities and tools that make a community just that.

Circle East District will evolve into complete fruition through five phases, the first of which is in full forward motion and includes (beyond the Mickey’s renovation):

• The updates to existing homes in the neighborhood through home renovation grants, 10 of which are complete;
• The building of 12 new townhomes and 22 new market-rate single-family homes, five of which will break ground in early fall;
• The installation of new waterlines, sewers and streetscape on Euclid Avenue, Woodlawn Avenue and Penrose Road, which begins late this summer.

Circle East District is on its way to prosperity, community and activity, and we are grateful to all for the support and energy given to this initiative!

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