The group driving development in Cleveland's Ohio City neighborhood is adding to its portfolio.
Ohio City Incorporated is in the final stages of acquiring City Goods, the brick and mortar home of more than 30 local retail brands. The locally-sourced cocktail bar, "The Hangar" is also part of the acquisition. Under the deal, City Goods and The Hangar Bar will be converted to a nonprofit organization according to Interim Executive Director Chris Schmitt.
"The bar remains, the vendors remain. The overall feeling of a co-op is going to remain," Schmitt said. "But ultimately the efforts of the bar will continue to support the efforts of the rest of the program."
City Goods was created by Sam Friedman in 2022 as an accessible and sustainable space to nurture a small business economy. Customers will notice few changes, but the impact will be felt in the community, Schmitt said.
"Instead of those profits going back into an individual's pockets, those profits will be reinvested either back into City Goods to help the program grow or back into Ohio City Incorporated for our core programming so into things like affordable housing and things like youth sports," Schmitt said.
Ohio City Inc. also plans to use the space to promote community engagement and provide collaborative space for the neighborhood.
The deal is expected to be finalized in the coming weeks. The price of the acquisition has not been released.
