Idea Foundry, Gravity park for sale for $9.5M
Franklinton properties are listed as an opportunity for investors or developers
The owner of the Idea Foundry and the newly developed Gravity Park is seeking to sell both properties, adjacent to one another in Franklinton.
The properties, listed by NAI Ohio Equities for $9.5 million, are owned by a corporation governed by Kaufman Development, creator of the Gravity office, residential and retail development immediately to the north.
Kaufman bought the Idea Foundry two years ago with plans to update and enliven the 50,000-square-foot “makerspace,” occupied by manufacturing facilities, offices, event space and workshops.
The Idea Foundry is being sold with Gravity Experience Park, sort of an adult playground that Kaufman developed last year on a parking lot next to the Idea Foundry. The park opened in November with an ice rink with bumper cars, two heated tents for drinks, places to congregate and a grand entrance made of stacked shipping containers. The activities were expected to expand this summer with a pickleball court.
The park, which is managed by Land-grant Brewing Co., will continue as usual, a Kaufman representative said.
Brett Kaufman, the CEO of Kaufman Development, didn’t say why he was selling the properties so soon after investing in them.
“We feel we’ve been good stewards of this property and enhanced its value,” he said in an emailed statement.
“Now, we’re going to focus on our core business. Franklinton remains an incredible, dynamic neighborhood, and we look forward to seeing how the next person or group will carry this space into the future.”
The Idea Foundry, a former factory built in 1923, will continue its mission of serving as an incubator and workplace for small manufacturers, artists, educators and others, said Idea Foundry Founder Alex Bandar.
“The real estate and the business have always been separate, so The Idea Foundry continues operating as usual,” Bandar said in an emailed statement “Kaufman has been a supportive partner that has advanced us forward, and we look forward to welcoming a new partner, as we continue being excited about our future.”
NAI Equities is listing the properties as an opportunity for investors, developers or owner users.
“The expansive creative space includes a mezzanine level and basement, with the potential to activate the rooftop area,” according to the listing. “The property has a versatile and unique layout with high ceilings and a modern, open floor plan that is move-in ready with unlimited possibilities.”
NAI’S flyer on the property includes conceptual renderings of the building as a bar and restaurant with an expansive rooftop patio.
The Idea Foundry moved into the building a decade ago, after it had been owned by the motorcycle dealer A.D. Farrow.
“We brokered the sale when it was A.D. Farrow, so it’s exciting to see the property come full circle,” said Peter Merkle, who is listing the property with Bastian Gehrer for NAI. jweiker@dispatch.com @Jimweiker