After being stalled for several years, the city’s deal with Nasby LLC to redevelop the Nasby Building in downtown Toledo is poised to move forward.
An agreement in 2017 between the city and Nasby LLC stipulated that the latter would buy the vacant 119,000-square-foot building at 605 Madison Ave. for just $10. Part of the deal also required the city to acquire and include the properties at 611 and 617 Madison, a small parklike plot of land and a former bus station on the east side of Erie Street, the latter of which is owned by the Toledo Area Regional Transit Authority.
Until TARTA got Federal Transit Administration approval to sell the station to the city, the entire project was stalled. But during Toledo City Council’s agenda review on Tuesday, Brandon Sehlhorst, Toledo’s commissioner of economic development, told members of council the transit authority is ready to move forward with the sale.
Two agreements — one for the city to buy the bus station for $185,000 and the other to sell it to Nasby LLC for the same price — are on the agenda for council’s next meeting.
“This has been going on for so, so long,” said Councilman Rob Ludeman about the deal.
He also pointed out that the Nasby Building’s redevelopment would help open up the pathway to redevelopment of the Nicholas and Spitzer buildings, which occupy two of the other three corners at Huron Street and Madison Avenue and were and acquired last year by the Lucas County Land Bank.
Councilman Cerssandra McPherson also noted her enthusiasm for the project moving forward.
“I am also excited to see this come to fruition,” she said. “That is going to be fabulous.”
Mr. Sehlhorst also emphasized the benefits this agreement would bring for the future redevelopment of the Nicholas and Spitzer buildings. The land bank acquired the deeds for both in August, 2020 and is commissioning a feasibility study of the historic buildings to determine if and how they can be redeveloped as well as what kind of redevelopment the market will support.
After the studies are complete, Mr. Sehlhorst said the plan is to submit an RFP for developers to bring the buildings back to full potential. The Nasby Building’s redevelopment happening at the same corner, he said, would demonstrate such a revival is possible for Nicholas and Spitzer as well.
“It shows that it can be done,” he said.
Before next week’s meeting, city council has a special meeting scheduled for 11 a.m. Wednesday on the city’s mask mandate that was enacted almost one year ago and requires that masks be worn in places of business within the city.
Councilman Nick Komives said council would be voting to amend the ordinance to be in line with state health guidelines. Weeks ago, Ohio Gov. Mike DeWine announced that all health orders would end Wednesday.
Council also plans to return to in-person meetings in council chambers beginning with the Zoning & Planning Committee at 4 p.m. on June 16. The first city council meeting to take place in person will be June 22 at 4 p.m.
First Published June 1, 2021, 10:02 p.m.
