TOLEDO, OH (WTOL) – The city of Toledo is not giving up efforts to revive a downtown building listed on the National Register of Historic Places. Although the city recently had a setback in the redevelopment plans for the Berdan Building.
A Cleveland developer recently put that plan on hold due to uncertainty about a $10 million federal loan through the city. However, a member of the Toledo City Council said he is pushing to get that plan back on track.
This is a $22 million redevelopment plan to convert the former King Warehouse into an apartment complex with 120 units. However, because roughly half of the funding was supposed to be coming from a HUD Section 108 Loan, Councilman Rob Ludeman said the city must now try to seek out new potential revenue streams.
Ludeman believes the Cleveland developer has not totally given up on this plan, because it is a vital part of fueling further commercial development in the downtown area.
"I've talked to John Carney a couple of times about this project. If there was an alternative funding mechanism available they still would proceed from what he told me," explained Ludeman. "This is really the lynch pin in keeping all that together because it would house an awful lot of people who would frequent these establishments."
Ludeman said it is possible the city could try to take temporary possession of the Berdan Building. The issue will be discussed during council's Economic Development Committee meeting, Wednesday at 2 p.m.
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