The Perry Payne Building, when constructed in 1888 in Cleveland's historic Warehouse District, was the tallest structure between New York and Chicago. Designed by the world-renowned architectural firm of Cuddell and Richardson, it was viewed as a technological marvel for its era.

Henry B. Payne named the building 'Perry Payne' to preserve his name and his wife's family name. The building, located in Cleveland's fast growing downtown district, soon became a leading center for lake-shipping and iron ore companies. Henry B. Payne's importance to Cleveland was recognized by his peers, who, in 1973, constructed a major east-west thoroughfare they named Payne Avenue.

Rehabilitation of the building began in September 1994, and was completed in December 1995. The building contains 78 one-bedroom units and 15 two-bedroom units.