A Michigan property developer says he is moving forward with plans to convert downtown Toledo's so-called "Triangle Building" into a $12 million, 75-unit, market-rate apartment complex before year's end.
The project's financing is in place, and the units at 34 South Erie St. are to be ready by December, said Kevin Prater of Lansing-based BuildTech Ltd., partners in the project with Richard Karp.
Despite the recession and restructuring of the automotive industry, Mr. Prater said he believes there is a market demand in Toledo for downtown living.
"It's not anything that this town has - it's more of Chicago or New York coming to Toledo," Mr. Prater said of his future apartment building, for which Citizens Bank is providing financing.
The building will have only market-rate rentals of studio, one-bedroom, or two-bedroom apartments, with prices from around $550 a month to $1,100 a month, Mr. Prater said. Likely tenants include young professionals and empty-nesters, he added.
Mr. Prater was in Toledo last week to present the project to the Toledo Plan Commission.
Commissioners voted unanimously to approve the site plan, the final step in the land-use process.
"We're thrilled that people from Lansing see Toledo as a great opportunity for this type of investment," said Don Monroe, senior development specialist with the city, who spoke in favor of the project to commissioners.
Toledo City Council previously granted the project a density waiver to allow up to 75 units.
The seven-story, reddish brick building with a triangular shape is
at South Erie and Lafayette streets near the Anthony Wayne Trail. Constructed in the early 1900s, it served for many years as a warehouse for the Simmons Hardware empire of St. Louis.
Another downtown residential development taking shape is Hannon's Block at 619 Monroe St.
That $3.5 million project involves converting a three-story, 135-year-old building into two "town homes," six loft units, and street-level commercial space.
Leasing Manager Lindsay Kozak said construction is in its early phases and that a recent open house brought numerous inquiries from potential tenants.
The plan is to secure a commercial tenant and then proceed with finishing the upstairs residential space, said Ms. Kozak, whose parents, Scott and Alix Kozak, own the building.
"I really think that as things continue to grow downtown with the entertainment district and restaurants, more people will want to live [downtown], and the market will grow," she said.
Contact JC Reindl at:
jreindl@theblade.com
or 419-724-6065.
First Published May 18, 2009, 3:21 p.m.
