K&D Group Acquires Historic Rockefeller Building in Cleveland

The developers plan a $100 million conversion to transform the historic 17-story site into a 265-unit apartment complex.

Updated on Oct. 28, 2026 in Commercial

K&D Group Acquires Historic Rockefeller Building in Cleveland

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In April 2026, The K&D Group purchased the historic Rockefeller Building in Cleveland for $5.3 million. The firm aims to repurpose the structure, which was built between 1903 and 1905, into a 265-unit apartment complex by 2030.

Why it matters

The project represents a significant preservation effort that aims to revitalize a downtown landmark. The conversion aligns with the company strategy of combining architectural heritage with modern residential development.

The K&D Group purchased the 17-story Rockefeller Building for $5.3 million and expects renovation costs to reach $100 million. The company currently manages 43 properties across Cleveland and Akron.

The players

The K&D Group

This real estate firm specializes in property management and architectural preservation with a portfolio including the Terminal Tower.

Douglas E. Price III

He is a founder of The K&D Group who has led the company's expansion since 1984.

Karen M. Fanger

She co-founded The K&D Group and serves as a key principal in the firm's major development projects.

The details

The K&D Group, founded by Douglas E. Price III and Karen M. Fanger in 1984, acquired the property from a Florida lender after a prior redevelopment effort failed. The developers intend to maintain the architectural integrity of the building while modernizing the interior for residential use.

The Rockefeller Building was originally constructed between 1903 and 1905.
The K&D Group was founded in 1984.
The K&D Group purchased the Rockefeller Building in April 2026.
The projected completion date for the new apartment complex is 2030.

Culture Shift

This project follows the pattern established by the company's previous $40 million conversion of the Electric Building. The ongoing trend of adaptive reuse reflects a broader societal shift toward preserving urban history while meeting modern housing demand.

Residents can anticipate significant long-term changes to the downtown streetscape as the historic structure undergoes major renovations. The eventual completion of 265 units will increase the density of the immediate area around W. Superior Ave.

The takeaway

Adaptive reuse projects like this one highlight how developers can breathe new life into aging downtown infrastructure. Preserving historic shells provides a unique character to modern residential spaces that new construction often lacks.