Rockefeller Building to Become 265-Unit Apartment Complex

The historic Cleveland landmark will undergo a $100 million renovation, adding new residential options to the downtown area.

Updated on Oct. 28, 2026 in Commercial

Rockefeller Building to Become 265-Unit Apartment Complex

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The K&D Group, led by Douglas E. Price III and Karen M. Fanger, acquired the 17-story Rockefeller Building in Cleveland for $5.3 million in April 2026. The developers plan to convert the historic structure, built between 1903 and 1905, into a 265-unit apartment complex.

Why it matters

This project represents a significant $100 million effort to preserve a historic downtown landmark while addressing the demand for residential housing in Cleveland. The redevelopment aims to repurpose the building after a previous attempt by other parties failed.

The K&D Group purchased the 17-story Rockefeller Building for $5.3 million in April 2026, with plans for a $100 million renovation. The project is expected to deliver 265 residential units by 2030.

The players

The K&D Group

A Willoughby-based real estate firm that specializes in historic preservation and apartment conversions, currently managing 43 properties in the Cleveland and Akron area.

Douglas E. Price III

A co-founder of The K&D Group who has led the firm's residential development strategy since 1984.

Karen M. Fanger

A co-founder of The K&D Group who manages the company's real estate portfolio and renovation projects.

The details

The K&D Group utilizes a development model that pairs architectural preservation with large-scale apartment conversions, a strategy previously demonstrated in their $40 million renovation of the Electric Building. Developers acquired the property from a Florida lender following a failed redevelopment attempt by previous owners. The process involves gutting and modernizing the historic interior while maintaining the integrity of the original structure.

1903-1905: The Rockefeller Building was originally constructed.
1984: The K&D Group was founded by Douglas E. Price III and Karen M. Fanger.
April 2026: The K&D Group purchased the Rockefeller Building.
2030: The targeted completion date for the new 265-unit apartment complex.

The Home Front

This development reflects the broader trend of converting historic office structures into high-density residential housing in urban cores. It follows the pattern established by successful local projects like the $40 million conversion of the Electric Building.

Residents looking for downtown housing should track project updates as the 2030 completion date approaches. If you are considering a move, keep an eye on K&D Group property announcements for rental availability in the renovated space.

The takeaway

The Rockefeller Building is set to transition from a historic office site to a large-scale apartment community over the next four years. Potential renters should monitor major local redevelopment announcements for leasing timelines as the $100 million project progresses toward 2030.