TOLEDO, OH (WTOL) - The City of Toledo has closed on the sale of 5355 and 5405 Southwyck Boulevard, two former Stautzenberger College buildings, as part of the ongoing strategy to continue growth in the Southwyck neighborhood of South Toledo.
The two buildings were acquired by the city in 2015 from the Lucas County Land Bank and just this past Friday, sold to Olympic Real Estate Group LLC. for $1.
The three sister companies that will occupy the space have been offering financial services in Toledo for nearly 30 years two of which are currently operating up the street.
Moving into this space will give the company the ability to be under one roof.
As the first step in development, 5405 Southwyck will be demolished for parking lot space and 5355 will be gutted to get rid of water damage and address any other potential issues.
Paul Rahe currently operates Financial Express and Payroll Express in a building only about 500 feet away from his newly acquired properties under Olympic Real Estate Group LLC. His third business, Rahe & Company, CPA's LLC is operated out of West Toledo.
Olympic will redevelop the 19,904 square-foot-building at 5355 Southywyck and consolidate its three Toledo-area offices and its 42 employees in that location.
"We have two office locations that we're merging together. Since the first of this year we've added five more employees," explained
Rahe. "We're looking to add probably six to seven more in the next twelve months. We're in a growth phase, which has been really good, so use of that space is definitely going to be needed."
Southwyck Boulevard is just off of the heavily traveled Reynolds Road with an estimated 30,000 vehicle traffic pattern per day. It is a convenient location for local businesses with easy access to nearby highways.
From having the site of the mall there in the past, the infrastructure is already available for new development to arrive.
"The 43614 area code is important to the City of Toledo and we need development in this part of town," said Bill Burkett, Acting Director of Development. "We need to pay attention to the businesses on Southwyck Boulevard. The buildings are getting close to where they need to be renovated, some new plans need to be set forth and integrated."
Now that this deal is closed, the city has their sights set on developing other properties they own in the area. The site of the old Clarion building next to At Home, Capitol Commons off of Angola, and the former Southwyck Mall are all being looked at for commercial development opportunities in the near future.
Brandon Sehlhorst, manager of real estate for the city of Toledo, said the Kapszukiewicz administration is extremely pleased to complete the sale of the two buildings.
"This project retains three viable businesses and 42 employees within the city of Toledo, redevelops a vacant building into Class A office space, removes a blighted structure, and demonstrates that there is a demand for office product in the Reynolds Road Corridor," Sehlhorst said. "This project is an example of how the city can be creative in assisting growing businesses."