CLEVELAND, Ohio - Shaker Square, the historic, 1920s-era shopping center on Cleveland’s East Side, is being offered for sale by the Coral Co., the Cleveland-based real estate company that has owned it since 2004.

The Chicago-based commercial real estate firm of JLL Inc. confirmed Monday that the property is for sale.

Janice Sellis, the agent representing the property, declined to comment, referring calls to Coral President Peter Rubin.

“We’ve owned Shaker Square for 15 years,” Rubin said Monday. “We’re exploring our options; no final decisions have been made.” He declined to comment further.

News of the sale comes as a controversial proposal to remove the eastbound and westbound lanes of Shaker Boulevard from the square as part of a revitalization plan has been put on hold.

On Saturday, several dozen merchants and residents held a demonstration on the square demanding the boulevard remain open to traffic.

Cleveland Neighborhood Progress and LAND Studio initiated the $400,000 planning process earlier this year to envision ways to revitalize the beloved but badly aging square, a landmark property built in 1929 by the Van Sweringen brothers, developers of Cleveland’s Terminal Tower.

Representatives of the LAND Studio and Cleveland Neighborhood Progress said Monday that they were pausing their efforts while Coral proceeds with the sale.

“We are going to take a step back until after the new year," said Greg Peckham, executive director of LAND Studio.

Peckham and Wayne Mortensen, director of design and development at Cleveland Neighborhood Progress, said that in future planning, they will defer to Burten Bell Carr Inc., the community development corporation serving the Central and Kinsman neighborhoods.

BBC is expanding its service area into Shaker Square and adjacent portions of Cleveland including Buckeye Shaker, Larchmere, Ludlow and the blocks known as CHALK.

A listing of Shaker Square on the website CREXi describes it as encompassing 168,375 square feet of retail, office and mixed-use space in four two-story buildings.

The listing, dated Oct. 30, says the square’s buildings are 97% occupied, and produce net income of $1,381,845.

An ownership map prepared for the recent planning process shows that Coral’s ownership includes portions of the 5-acre civic space in the center of the square, plus a large parking lot behind the square’s southwest quadrant, where a Dave’s supermarket is located.

An ownership map of Shaker Square and adjacent properties prepared by Cleveland Neighborhood Progress and LAND Studio for the recent planning process for the square.Cleveland Neighborhood Progress and LAND Studio

The planning process undertaken by LAND Studio and Cleveland Neighborhood Progress was intended to show how the square could be rejuvenated and better connected to retail districts along Larchmere Boulevard, to the north, and Buckeye Road, to the south.

Peckham and Mortensen said that some 2,500 residents participated in the planning effort.

During the process, Rubin said he was open to the idea of transferring ownership of Shaker Square’s public spaces to a nonprofit entity that maintains them. It was unclear Monday how Coral’s proposed sale would affect the future of the public spaces at the square.