Posted by Nick Dutton - email
TOLEDO, OH (WTOL) - A proposal aims to convert the historic Berdan Building at the corner of Washington and Erie into upscale apartments.
In fact, Cleveland development group Landmark RE Management pitched their plan to city leaders Wednesday.
The group wants the City of Toledo to apply for a $9 million Section 108 Loan to help turn the building into a 122-unit upscale apartment complex.
Landmark RE Management's John Carney says the company is excited about the area and the building.
Toledo City Council's Rob Ludeman says the location's proximity to The Huntington Arena, Fifth Third Field and restaurants makes the project a no brainer.
The Berdan Building is also across the street from the Bartley Lofts, a residential development which has yet to reach full occupancy.
"The people seem to love the location of Bartley Lofts -- that's not been an issue. If we were in a better sales environment we would have sold out 2 years ago," said the Bartley Lofts' Joe Swolsky.
In fact, a private market study points to the Berdan Building becoming mostly one bedroom apartments.
Carney says their plan will be based on the building's layout and what the market dictates. Carney says the study found one bedroom units are in most demand.
If the Berdan Lofts are added to the residential mix, it will surely be viewed as another step towards attracting retail investment to the warehouse district.
However, Swolsky admits the neighborhood does need a grocery store and pharmacy to succeed.
If funding is secured, construction on the Berdan Lofts could begin early next year.
The Berdan Building, formerly known as the King Warehouse, is on the National Register of Historic Places.
Copyright 2010 WTOL. All rights reserved.