The Spire Institute in Geneva, Ohio, East of Cleveland, has been put up for sale. The announcement was made by Colliers International on Monday morning.
“The options and creative opportunities are boundless. With over $100 million invested since its debut in 2009, a savvy investment group could acquire the entire project for a tiny fraction of the replacement cost! Or, they could submit a proposal to acquire only a part of the property, perhaps the 100,000-square-foot office building or a portion of the excess land,” a news release by Colliers reads.
The massive sports facility includes 750,000 of indoor and outdoor arenas and competition space. It’s most recent famous resident is LaMelo Ball, the younger brother of Lonzo Ball of the Los Angeles Lakers. Arguably the most famous high school basketball player since LeBron James, LaMelo Ball briefly turned pro then returned to high school competition.
The facility is also significant in swimming, however. 8 high schools use the pool as their home facility; the Lake Erie Silver Dolphins practice there as well.
Speaking more broadly, the facility is home to a FINA scholarship training enter, where athletes from around the world are given the opportunity to live and train at SPIRE and have access to facilities and training that aren’t available in their home countries. The facility is also scheduled to host the 2020 NCAA Division II Swimming & Diving Championships.
The facility is designated as a USOC and Paralympic training site.
Spire also has 100 acres yet to be developed. The Ashtabula County Board of Revisions set the facility’s value at $11.5 million in October, which is a reduction from the $54 million value set in 2014. As part of that valuation process, Waronzof Associates Inc. of California opined that the facility is ‘too big’ for the rural area where it is located. It has only turned a profit once, in 2010, when it received $19 million in contributions, and lost an average of about $3.4 million from 2010 to 2016.
No sales price has been set for the facility.