TOLEDO, OH (Toledo News Now) - The sale of a historic building in downtown Toledo could change redevelopment plans for the city. Information posted on Lucas County's real estate information website shows the sale of the Berdan Building closed Tuesday, which paves the way for redevelopment of the massive vacant warehouse.
The new owner of the Berdan Building is listed as the Berdan, LLC, which includes a Lansing-based developer who redeveloped the Standart Lofts located near the Berdan Building. The county's website shows the building was sold for $700,000, with a purchase date of April 2.
For years, the building at the corner of Washington and Huron, has been targeted for redevelopment, including a failed attempt by a Cleveland-based group, which wanted the city to secure a $10 million federal loan for the project. It never materialized.
"The exciting thing about the team that's in place here is there's real money. It's real investment money, because people are finally - from out of town - see downtown Toledo as a place to invest and make money," said Lucas County Commissioner Pete Gerken.
The new owner plans to convert the building into 115 market-rate apartment units with a retail component on the first floor. Since the building is located right across the street from Fifth Third Field, converting the building into apartments is viewed as another major step towards boosting the business climate in Toledo's Warehouse District, as well as the entire downtown area.
"You've got a neighborhood, and with a neighborhood, you get stores, you get commercial activity, you get consumer spending. Within two years I think that's what you'll see along with this," said Gerken. "Fifth Third Field, SeaGate Centre, Huntington Center, to have another neighbor come in with this kind of investment right in line is every property owner's dream."
According to the treasurer's office, more than $180,000 in back taxes have been paid.
"One of the first things when I met with the developer yesterday, he said, 'Commissioner, you'll be glad to know we just paid the real estate back taxes, which was about $200,000,'" said Gerken.
Details of the redevelopment project are still being determined.Read more on plans for the Berdan Building: