If there had to be a slogan to describe Cleveland as it is today, “what’s old is new again” would undoubtedly be it. In the last few years, locals and businesses in this Midwest metropolis have been repurposing historic buildings from its heyday in the late 19th and early 20th centuries and turning them into restaurants, stores and draws for both residents and tourists. Many of these structures had sat empty for a decade or more before restoration efforts began infusing a vibrancy into this once-somewhat-downtrodden city.

Cleveland, in northeast Ohio on the shores of Lake Erie, was an industrial powerhouse at its peak and the fifth-largest city in the country in the 1920s. It was during this time of economic prosperity that many grand properties were built, but with post-World War II urbanization and manufacturing jobs moving abroad, the city fell into a decline, and some of these notable structures were abandoned. Today, however, at least 35 buildings in the center of the city alone from the first half of the 20th century are being rehabilitated, said Kathleen Crowther, the president of the Cleveland Restoration Society.

This rebirth is on display at Cowell & Hubbard (1305 Euclid Avenue, 216-479-0555; cowellhubbard.com), an upscale French restaurant that Zack Bruell opened in the theater district in 2012 in what used to be a high-end jewelry boutique of the same name. This 7,800-square-foot space with soaring 20-foot ceilings had sat vacant since 1980, when the store closed. Mr. Bruell bought a portion of the building and redid it with red leather banquettes and fabrics evoking the 1920s, but he retained elements such as coffered ceilings and the eight columns. A vault that kept precious jewels safe is now reserved for private dinners, and the 165-seat main room is a popular place for dishes like frogs’ legs with roasted garlic butter and braised beef shoulder. “I saw it as an opportunity to open not only another restaurant but also contribute to reviving the area,” Mr. Bruell said.

Just a few blocks down Euclid Avenue is the 300,000-square-foot Horseshoe Casino (100 Public Square, 216-297-4777; horseshoecleveland.com), on the first four floors of a 12-story building that was constructed in 1931. It was formerly home to the now-shuttered Higbee’s department store and various other businesses before being transformed into the city’s first gambling establishment. Plenty of original neo-Classical-style and Art Deco features are still intact, such as the railings and grand vestibules and decorative plaster details on the ceiling beams. The venture, a joint project between Rock Gaming and Caesars Entertainment, has drawn more than 10 million visitors since its May 2012 opening.