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Deal Struck to buy Perr-Payne: Winner of duel plans apartment rehab

CRAIN'S Cleveland Business

Published on April 4th, 1994

A development group that has been active in the Warehouse District has won a duel to buy the 105-year-old Perry-Payne Building.

Grand Arcade apartment developers Robert Rains and John Carney have secured a contract to purchase the structure at 730 W. Superior Ave. The two, in a partnership dubbed Perry-Payne Associates, want to convert the structure to 92 apartments in a rehabilitation project Mr. Rains expects to cost $5 million.

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