Industrial Realty Group, which owns industrial and commercial properties across the country, has announced it will redevelop the former headquarters of JOANN.
The project, which IRG is marketing as the Hudson District, is considered to be one of the largest commercial and industrial buildings available for lease in Ohio, according to the company. It includes 1.4 million square feet of space.
The property currently includes a mix of office and industrial space along with developable land. In a press release Wednesday, IRG mentioned a range of options for the property, including as corporate headquarters, research and development and retail.
City Manager Thomas Sheridan said the city was proud to support this redevelopment.
“IRG’s vision for the Hudson District aligns with the City of Hudson’s goals to strengthen our income tax base and create high-quality employment opportunities for our residents," Sheridan said.
The Hudson-based crafting chain, founded in 1949 with locations across the country, announced in February that it was closing all of its stores after it was bought at auction and after seeking bankruptcy protection for the second time in a year. At the time it said 1,100 people employees would be laid off, most of them at the company's headquarters.
Justin Lichter, chief investment officer at IRG, said industrial buildings are currently in high demand and said they expected Hudson District to get "significant interest.”
Katie Meehan, Team NEO manager of site strategies, cited strong interest in existing industrial buildings.
"Bringing a large facility with modern specs like this to market strengthens Northeast Ohio’s ability to compete and win," Meehan said in a news release.
