BAINBRIDGE TOWNSHIP, Ohio — The rat-a-tat-tat of heavy machinery and the methodical drone of demolition now occupy the space around the former Geauga Lake amusement park and Wildwater Kingdom as site work continues on a Solon developer’s ambitious and expansive Geauga Lake District project. Although demolition work is expected to continue for another six months, the developer tells News 5 that multiple transactions are in the works that will ultimately bring new residential and retail amenities to the historic site.
The demolition of the former “shark encounter” exhibit at the former Wildwater Kingdom park recently began as crews began chipping away at the massive structure and its four-and-a-half-foot thick support walls. Demolition has long been largely complete on the ‘ride side’ of Geauga Lake; site prep work is currently underway.
Chris Salata, the chief operating officer for Industrial Commercial Properties, LLC., said most of the tangible, visible progress at the 300+ acre siteis related to getting it ready for vertical construction.
“We’ve been at it since the fall of 2021 so we’re going on a year and a half of that work,” Salata said. “We probably have another six months left. As you can imagine, there is quite a bit in the ground from the former amusement parks.”
As News 5 has previously and extensively reported, Industrial Commercial Properties bought a significant portion of the Geauga Lakes property in 2020 and subsequently announced plans for the 377-acre site to be known as Geauga Lake District. The site, which saddles both Bainbridge Township and Aurora, has become a Joint Economic Development District, with the city of Aurora providing water and sewer services. The economic development district opens the door for a multitude of different housing and business opportunities.
Salata detailed some of the previously-announced retail and residential ventures planned for the site, including a Menard’s home improvement store; the potential for a new Meijer’s location; a 330-unit apartment development by Columbus-based Vision Development; a 55-and-older residential development to be built by a franchisee of EPCON Communities, as well as the addition of 15 to 20 high-end, single-family homes to be built by Payne and Payne Builders on the north side of the lake.
“There are lots of retail opportunities we’re starting to discuss right now, including the potential preservation of the historic dance hall, which sits on the southern portion of the lake,” Salata said. “We’re working on a transaction that could potentially add a ton of really cool lakeside amenities to the project and potentially open up the lake for public access. There’s a lot going on and there are a lot of balls in the air, but I think we’re really starting to make some good progress on the ground work.”
Although market forces like rising interest rates and increased construction costs have posed challenges for the redevelopment of the site, Salata said, overall, the situation has begun to stabilize. It’s possible that some vertical construction could begin later this year.
“The market changes, which no one can really control, have slowed a little bit and slowed a couple of the projects down,” Salata said, specifically citing the Menard’s deal, which closed in October 2020. “With COVID, their new builds schedule got kind of backed up. That’s delayed their construction on this site. There are obviously some changes in the capital markets that have impacted financing of some of the other projects, but we’re starting to see those settle. Fortunately, you’re going to start to see not just the site work that you see today, but you’re going to start to see that vertical construction later this year.”
Since taking ownership of the property, Industrial Commercial Properties has vowed to incorporate elements from the site’s past as a beloved amusement park. That commitment hasn’t wavered.
“The nostalgia of the site is something that we all remember as kids. We’re working with Bainbridge Township and the city of Aurora to make sure there are amenities here as part of this project that will take people back to those good ol’ days at Seaworld and Geauga Lake,” Salata said. “Since the parks left, [the site] has sat dormant, essentially, for years. To see the ground moving out there and something new coming alive, that’s really going to be an asset for the community, that’s really exciting. We’re really proud to be associated with it.”
