Cleveland Developer to Build The Geauga Lake District
CLEVELAND – Industrial Commercial Properties LLC announced this morning that it 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 and the city of Aurora. It will be rebranded as The Geauga Lake District, ICP says, with elements of design that 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, and residential and other commercial uses. It will highlight the 50-acre, spring-fed Geauga Lake.
“A cohesive and curated design will showcase uniform lighting landscaping, public improvements and streetscape,” according to the announcement. A new Geauga Lake Boulevard will be constructed that connects State Route 43 to Depot Road and will feature a roller coaster design in the median.
“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,” said Chris Semarjian, owner of ICP.
In September the city of Aurora and Bainbridge Township unanimously approved the creation of a Joint Economic Development District 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.
The first company to be part of The Geauga Lake District will be Menards, a national home improvement store, which will occupy 24 acres and open in early 2022.
ICP is actively marketing the site to retailers, restaurants, residential and other commercial
Pictured at top: Rendering of The Geauga Lake District.
SOURCE: Industrial Commercial Properties LLC.
Published by The Business Journal, Youngstown, Ohio.