TOLEDO, OH (Toledo News Now) - A major development deal in downtown Toledo aims to breathe new life into an historic building along the riverfront.
The Water Street Station project was recently unveiled, and council members got caught up to speed with this plan Wednesday afternoon.
"Not asking for city money for the development, and on the water, what a great place to live in Downtown Toledo." said councilman Rob Ludeman.
While the developer has owned this building for the past 7 years, he says the time is right to move forward.
It's a $16 million development deal. The YMCA of greater Toledo has committed to relocating operations from the former Riverside Hospital location, with a 13,000 square foot fitness center with offices on the first floor, and the University of Toledo has committed to build a 5,000 square foot clinic on the first floor as well.
The upper levels will be home to 67 market rate apartment units.
Developer Dave Ball points to increased demand for market rate housing downtown, and council members say this project will help attract new businesses to the downtown area:
"We're already having unbelievable success pre-leasing our apartments, with the Y and UT as our anchor on the first floor and the overall climate downtown it couldn't be better."
Ball says he is expecting to break ground on Water Street Station this summer- likely in July- and the project should be wrapped up late next year.