Eight developers, including several from outside Ohio, have submitted preliminary proposals to remake two of downtown Toledo's original skyscrapers that have sat empty for years.
The Lucas County Land Bank acquired the buildings in 2020 and two months ago released a request for development proposals. The 11-story Spitzer and 17-story Nicholas combine 500,000 square feet and are part of Four Corners, the intersection of Madison Avenue and Huron Street where all four original buildings remain.
Representatives from 18 development and design firms toured the buildings in early August. David Mann, the land bank's president and chief executive, said Thursday the developers that ultimately submitted preliminary proposals were:
- Model Group of Cincinnati and ARK Restoration & Construction of Toledo;
- RKKP LLC of Lansing, Mich.
- Great Lakes Capital of South Bend, Ind.
- J. Jeffers & Co. of Milwaukee, Wis.
- Great Water Capital of Detroit
- The Tipping Point of Pittsburgh
- Randles Company and Crane Development of Toledo
- Capacity Toledo
All of the proposals centered on turning both buildings — currently configured as offices — into primarily apartments, with the first two stories commercial.
Mr. Mann said at the land bank's board of directors meeting that officials are honing in on the first four listed developers of that list of eight, though a formal decision on who makes it to the next round won't be made until next week.
After the field is narrowed, the land bank will request more detailed redevelopment plans, conduct interviews with the finalists, and potentially select a winner as soon as December. The land bank is working with city officials, ConnecToledo, and others on the projects.
Lucas County Commissioner Pete Gerken, a member of the land bank board, said the number of developers interested in the projects is encouraging.
"Five years ago, you would not have gotten developers from Pittsburgh, Cincinnati, South Bend and Detroit to even come here and look at a project," he said. "But our successes in downtown, the Warehouse District, convention center, hotels, Summit Street, I think we're past the turning point of other people coming in and seeing us on the rise. This list is pretty impressive."
Mr. Mann said attracting several interested developers is just "the opening of a multifaceted, complicated process." After selecting a winner, much of 2023 will involve piecing together funding sources for the buildings, he said, such as historic tax credits, affordable housing tax credits, and other government-backed assistance that would make such a large project feasible for the developer.
"Everything that you can think of that has gone into any deal in this town, is going to have to be explored," Mr. Mann said.
At the earliest, construction could start by 2024, he said.
However, preliminary environmental remediation work is expected to get underway on both buildings soon. Friday is the deadline for interested contractors to submit proposals to clean up the buildings. Both have a substantial amounts of asbestos and other hazardous materials, and the Spitzer has lead paint throughout.
Mr. Mann said the work is expected to take about three months. One problem board members discussed Thursday was whether power will need to be switched on and old freight elevators revived in both buildings, in order to carry out the work of carefully removing asbestos-laden materials.
Mr. Mann said the work will be funded with approximately $1.5 million awarded from the Ohio Brownfield Remediation Program.
First Published September 15, 2022, 8:09 p.m.
