November 9, 2020
The former home of Geauga Lake Park, Six Flags and Sea World in Bainbridge Township, Ohio will be developed into residential and commercial use, thanks to Industrial Commercial Properties (ICP) of Solon. ICP bought a 377-acre portion of the former amusement park site and gained the rights to develop it with assistance from a team of attorneys at Walter | Haverfield.
Walter | Haverfield represented ICP in the purchase and financing of the land, as well as related development matters, together with the simultaneous sale of a portion of the land to Menards for planned construction of a Menards retail location.
“We worked extremely hard to ensure ICP got the desired outcome in acquiring this highly-sought-after property that has such rich history,” said Ed Hurtuk, Partner-in-Charge of Walter | Haverfield’s Mayfield Heights office. “We’re eager to see how the project continues to evolve and are looking forward to our ongoing representation of the mixed-use developer.”
Hurtuk’s team included Walter | Haverfield real estate attorneys Josh Hurtuk, Andy Gardner, Alex Hurtuk, Haley Eppler, Sydney Benson, Mitchell Kolesar as well as Sean Mellino, a partner in the firm’s Intellectual Property Group. It also included Karen Remley, paralegal, and Sue Speck, legal assistant. The group began the project in late summer 2019.
Geauga Lake is fondly remembered by Northeast Ohioans for its rollercoasters, rides and water slides. In its new role as master developer, ICP plans to reintroduce components to the site that pay homage to the prior tenant and theme park, which was established in 1887.
“We are a family here in Greater Cleveland,” said Chris Semarjian, owner of ICP. “We want the property to be something great and leave a legacy. Geauga Lake is a fairly large body of water, a spring-fed lake. There have not been too many developments like this in our market.”
The site will be developed into a residential, commercial and entertainment district. ICP expects that retail space and a cluster of homes will be completed in 2022, as construction on the land began this fall.
Since 1932, Walter | Haverfield attorneys have served as strategic counselors to private businesses, public organizations and high-net-worth individuals, providing creative and customized solutions that deliver outstanding results at an exceptional value. Today, our team of nearly 90 attorneys is focused primarily in the areas of business services, real estate, intellectual property, labor and employment, tax and wealth management, hospitality and liquor control, litigation, public law and education.