Four developers want to transform Four Corners.
The Spitzer and Nicholas buildings at the intersection of Madison and Huron streets are two of Toledo’s original downtown skyscrapers. With the Nasby Building and Huntington Bank, they comprise all original buildings of the Four Corners.
In a sign of solid progress on downtown redevelopment prospects, response to the Lucas County Land Bank’s initial request for proposals came from Cincinnati, Detroit, Pittsburgh, Milwaukee, and Lansing, in addition to Toledo.
Lucas County Commissioner Pete Gerken is right on the money when he observes the out-of-town interest would not have happened five years ago. The word is getting out about Toledo, with momentum from recent downtown projects that are building and realizing the hopes of earlier efforts.
The 11-story Spitzer building and 17-story Nicholas Building combined will provide 500,000 square feet for restoration. All four development companies, announced Thursday and whittled from an original list of eight, are expected to call for street-level commercial use with residential apartments on the floors above.
The Land Bank will further review the list through extensive project presentations, interviews, and due diligence done with hopes of selecting a partner as early as December.
The four shortlisted developers are: Great Lakes Capital, of South Bend, Ind.; J. Jeffers & Co., of Milwaukee; the Model Group of Cincinnati and ARK Restoration of Toledo; and RKP Group of Lansing.
We applaud the land bank for exhibiting a sense of urgency on what will be a long and arduous project, by far the biggest they have ever undertaken. Before anything can happen, asbestos and lead paint that contaminate the buildings must be removed. A $1.5 million Ohio Brownfield Remediation Grant will get that work started immediately.
There will be an all-out effort to secure more special purpose government funding with tax credits for historic buildings and affordable housing.
“Everything you can think of that has ever gone into in any deal in this town is going to have to be explored,” land bank president and CEO David Mann told Blade reporter Luke Ramseth.
Filling 500,000 square feet with commercial and residential tenants may take a little while, especially if the Federal Reserve Bank’s fight against inflation weakens demand, as intended.
Given that every developer has the same basic strategy, we strongly recommend financial strength be the prime selection consideration.
After all the tax credits are accumulated, the land bank will have a team of collaborators they must not fail. A partner that can afford to be patient would be the wisest choice.
First Published September 23, 2022, 4:00 a.m.
