Samsel Supply Building Awarded Ohio Historic Tax Credit on Behalf of GBX Group to Revitalize Cleveland Riverfront

December 11, 2024

CLEVELAND, OH – Governor Mike DeWine, Lt. Governor Jon Husted and Director of Ohio Department of Development (ODOD) Lydia Mihalik announced today that the Samsel Supply Building at 1235-1285 Old River Road has been awarded $2,667,238 in State of Ohio Historic Tax Credits (HTC), marking a pivotal moment in the revitalization of the historic Old River Road. This HTC is dedicated to preserving and promoting the adaptive reuse of the historic Samsel Supply Building, one of the largest remaining historic buildings in the Flats East Bank. This transformative project will further support the revitalization of the surrounding neighborhood by providing opportunities for much-needed urban housing and economic growth amidst urban housing shortages. Purchased by GBX in 2021, the Samsel Supply Building project includes lead developer, RHM Real Estate Group, who worked closely with GBX and Silverlode Consulting, a subsidiary of GBX Group LLC, on the HTC application, as well as the Brownfield Remediation Program application. HP Group and Dimit Architects, both of Cleveland, OH are also key components to the project team, respectively serving as the Historic Preservation and Architectural Design consultants.

“We are grateful for the support of Governor Mike DeWine, Lt. Governor Jon Husted and Director of the Ohio Department of Development Lydia Mihalik, as well as Mayor Justin Bibb and Cuyahoga County Executive Chris Ronayne for their work on this incredibly important project in the Old River Road Historic District on the East Bank of the Flats in Cleveland,” said Drew Sparacia, CEO of GBX Group. "State Brownfield and Historic Tax Credits are a critical part of the capital stack that will make funding for this transformative project viable and will add much needed residential housing to the Old River Road Historic District. Adding 100 apartment units to the historic Samsel Supply building will bring vibrancy and around-the-clock residents that will fuel existing and planned restaurants, hospitality, night life and entertainment venues in the district.”

“This catalytic project has the potential to transform Old River Road with new ground floor commercial and upper-level residential opportunities,” said John Joyce, Founder and CEO of RHM Real Estate Group. “We could not be more excited for what’s to come and grateful for the support that this State of Ohio Historic Tax Credit provides in our efforts to promote economic growth in this historic Cleveland neighborhood.”

Funding from the Historic Tax Credit Program will go towards the historic preservation and rehabilitation of 1235-1285 Old River Road, previously home to Samsel Supply Company. The project was also recently awarded $1,134,210 in funding under the Ohio Brownfield Remediation program to support remediation efforts and adaptive reuse of the historic building.

About GBX Group

GBX Group LLC specializes in acquiring, preserving, and operating historic real estate in urban markets. The company partners with investors to fund the purchase and preservation of historic real estate with the goal of generating community revitalization and economic growth. As of January 2024, GBX has been involved in 202 real estate projects in 24 states, including 36 projects in Cleveland, Ohio. For more about GBX, visit gbxgroup.com/.   

About Silverlode Consulting

Silverlode is a multi-disciplinary consulting firm focused on supporting our clients' growth. We work with leading organizations across all industry sectors and across the globe. Founded in 2002 by leaders of EY’s and PwC’s consulting practices, our founders saw the need for a more nimble and personal approach to client service. As a result of unwavering attention to the needs of our clients, we have grown to be an industry leader in each of our service lines. In 2018, Silverlode Consulting became a GBX Group company. For more information about Silverlode Consulting, visit silverlodeconsulting.com

About RHM Real Estate Group

RHM Real Estate Group is a vertically integrated property management, development, and real estate investment firm based in Cleveland, OH. We are one of Northeast Ohio’s largest property management firms, with expertise historically operating more than 20,000 multi-family housing units and commercial property types. Our goal is to continue developing strong and reliable relationships with owners, partners, and employees, which has been the key to our growth and success throughout the last two decades. For more about RHM Real Estate Group, visit rhmrealestategroup.com.

Contact:

Kelsey Sparacia

kelseysparacia@gbxgroup.com

513-432-6156

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