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Toledo: Downtown: ProMedica HQ / Edison Plant Redevelopment

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A developer wants to convert it to residential units.  From the 4/19/05 Toledo Blade:

 

 

bilde?Site=TO&Date=20050419&Category=NEWS16&ArtNo=504190344&Ref=AR&MaxW=240

Plans are to convert the gutted 1895 structure on downtown Toledo's waterfront into 108 to 111 residential units.  ( THE BLADE )

 

Council set to vote today on steam plant proposal

By TOM TROY

BLADE STAFF WRITER

 

A $20 million proposal to redevelop the former Toledo Edison steam plant is headed for a vote of Toledo City Council today after a nearly four-hour hearing last night.

 

Mayor Jack Ford and his staff defended their choice of Toledo developer David Ball and hometown basketball star Jimmy Jackson and urged council to vote to approve the proposed development agreement today.

 

Contact Tom Troy at:

tomtroy@theblade.com

or 419-724-6058.

 

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20050419/NEWS16/504190344/-1/NEWS

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As redevelopment projects go, $300,000 in city money seems like a heck of a bargain to me (if they can actually make it succeed with the proposed budget), but optimistic enthusiasm often completely overwhelms realistic analysis.

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As redevelopment projects go, $300,000 in city money seems like a heck of a bargain to me (if they can actually make it succeed with the proposed budget), but optimistic enthusiasm often completely overwhelms realistic analysis.

 

$300,000 isn't chump change in Toledo.  For that money, you could have 5 Democratic party hacks on the payroll.  :lol:

 

If you read closer though, it says that the other developer offered to forego $300,000 and in fact pay the city $500,000.  Thats an $800,000 difference, which is a huge amount of money.  In a city that's laying off teachers and other public servants left and right, I think this irregularity needs to be looked into.

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Think of the asbestos that would be needed to be cleaned out of that plant.

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The last mayor spent about 1.5 mil on cleanup of the site prior to this but was unable to attract a developer so the cleanup effort should not cost that much more (hopefully)  I would like someone to look into the other developers offer though.  From what I read, the offer was for all condo units for sale with a health club and not one bedroom apartments for rent like the Ball/Jackson proposal (plus the aforementioned $800,000 swing).

 

 

 

 

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"Adding to the criticism is that a rival developer, whose bid was rejected, claims he offered to develop the building without the $300,000 incentive and to pay the city $500,000 after selling a certain number of units."

 

Yeah, OK.  Always believe a developer when they say the are going to GIVE YOU money.  Uh-huh.

 

The city did the right and wise thing in selecting the bid that was properly complete and on time instead of grasping at the straws that someone dangled in front of them.

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"Adding to the criticism is that a rival developer, whose bid was rejected, claims he offered to develop the building without the $300,000 incentive and to pay the city $500,000 after selling a certain number of units."

 

Yeah, OK. Always believe a developer when they say the are going to GIVE YOU money. Uh-huh.

 

The city did the right and wise thing in selecting the bid that was properly complete and on time instead of grasping at the straws that someone dangled in front of them.

 

If you buy property from me, do I pay you to take it off my hands?  That's effectively what the city of Toledo is doing with the developer they have chosen.  It's a shitty deal that they've signed.  A bunch of 1 bedroom units in downtown Toledo?  That thing is going to go South fast.  :drunk:

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They aren't giving the developer $300,000 to do whatever they please with.  That is money to make the project work, which is different.  And yes, cities give away buildings all the time because the old owner abandoned them and left them in such bad shape that they have little to no financial value without having someone redevelop them completely.  Usually development subsidy is a part of the package.  Believing that at some point in the future the developer will hand back a half-mil never is.

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Residential units? I don't know, that building could've been used for something better in my opinion. It's surrounded by parkland and sits on the Maumee, kind of an akward place for residential, especially one bedroom spaces. I think it would serve better as a mixed use establishment, maybe hosting traveling exibits in conjunction with COSI Toledo (right next door) as well as providing park and recreation information and rentals. Some restaurants, like a microbrewery as mentioned, coffee shop, and other establishments could have filled the rest.

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I too wish the plant would have been used for something else like a big nightclub with restaurants and bars, and maybe even a performing arts venue too. The building has so much character it really should be something more than apartments. It is however in dire need of use. It's been sitting empty for God knows how long (much like a lot of Toledo). Build apartments in the Fiberglass Tower (although that too would involve a big asbestos cleanup) or one of the other big empty buildings downtown. Either way, I will support the revitalization of this building.

 

BTW, Locutus, why are you so negative about Toledo? The downtown housing market is actually growing and there are signs of rebirth with all the new nightclubs. Big business may have given up on it, but it still has hope. The same thing is happening in Cleveland, which is a quite a bit like Toledo, and their downtown housing is doing well.

 

I'll admit that Toledo gets disrespected quite a lot by mainstream America, and it certainly has some serious problems (terrible job market, drug trade, prostitution, etc.) but there are a lot people in the area starting to see the central city as a livable place. It has better cultural institutions (Zoo, Art Musuem, county library, metropark system, ethnic restaurants, etc.) than any other city its size. I don't mean to pry, but could part of your distaste for Toledo stem from its strong liberal roots? I hope you may one day see the better side of Toledo. It really isn't that bad. Could it be better? Of course, but the economy is our biggest problem. The city is loaded with potential.

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Residential units? I don't know, that building could've been used for something better in my opinion. It's surrounded by parkland and sits on the Maumee, kind of an akward place for residential, especially one bedroom spaces.

 

I completely agree.  It certainly seems like the location would be better suited for a more public building.  When I first visited Toledo, I was surpised that to see that it hadn't already been redeveloped and incorporated into the surrounding park.  I guess I should just be happy that it is being redeveloped rather than torn down. 

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They aren't giving the developer $300,000 to do whatever they please with. That is money to make the project work, which is different. And yes, cities give away buildings all the time because the old owner abandoned them and left them in such bad shape that they have little to no financial value without having someone redevelop them completely. Usually development subsidy is a part of the package. Believing that at some point in the future the developer will hand back a half-mil never is.

 

Well this building is not as crappy as you think it is, because someone else offered $800,000 more for it, with a $500,000 cash transfer.  And there's nothing to "believe".  Nobody gives a shit about what you "believe" in the business world.  You obviously don't understand how the business world works.  People sign *contracts*.  If the developer doesn't hold up their end of the deal in a timely fashion, they can be sued in court, and their assets (such as the building) confiscated.

 

Forget the building, that strip of land alone on the riverfront in downtown Toledo is probably worth a good deal of money.  And they are paying someone to take it off their hands.  :evil:

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A follow-up from the 4/20/05 Toledo Blade:

 

 

Council gives approval to steam plant project

'A prime site to move into,' mayor says

By TOM TROY

BLADE STAFF WRITER

 

Toledo City Council last night unanimously approved a $20 million redevelopment plan for the former Toledo Edison steam plant along the Maumee River in hopes of fueling the growth of downtown residential living.

 

The deal with Water Street Development Co. LLC - a partnership of Toledo developer David Ball and NBA player Jimmy Jackson - calls for the expenditure of $300,000 in city capital funds to help with construction on the building.

 

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20050420/NEWS16/504200397

 

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Read this, a few pages down:

 

http://www.toledofreepress.com/PDF/042005_V1.6.pdf

 

Jack Ford's administrattion buried the proposal from the rival developer.  They never even considered it.  The whole redevelopment is a big pork project for a buddy of his.  Toledo is getting the short end of the stick.  Downtown Toledo could have had something special, but now it'll just have a bunch of shitty 1 BDR units.

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Locutus, my friend, don't tell me what I understand and don't understand.  You don't know.

 

Nobody EVER gives a building away now, with an agreement that it will be paid for later.  NEVER.  Let me explain why:

 

A contract is worth little if the person who signs it isn't credible.  Yes, you can sue them.  What does that get you, if you're left with a half done project?  Or worse.  You won't get any money, and you will be left with an awful mess, in many senses.

 

If they are credible, in a business sense, and the building is worth the money, then they will have a letter of credit from a reputable financing partner for the amount of the acquisition.  The city would get the $500,000 upon transfer from the lender, who would be paid back upon completion of the project and securing of permanent financing.  If they are credible developers, they would have had a complete application stating how they are going to complete the project, where their financing will be coming from, and who their contractors and other partners would be.  From the sounds of the article above, they didn't have this. 

 

There are a lot of quacks, dreamers, and schemers out there in the development world.  Not everyone who says that they can make you a better deal really can.  A developer is only as good as his word, and that is only demonstrated by his experience, the experience of the team that he has put together, and the completeness and reasonableness of the proposal that he has put forth.  Don't believe everything anyone ever tells you.  Even with a contract.

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From the 4/26/05 Toledo Blade:

 

 

Developers contributed to Ford campaign

Steam plant project based on merit, mayor says

By TOM TROY

BLADE STAFF WRITER

 

The two developers who won the contract to convert the former Toledo Edison steam plant into upscale housing previously contributed money to Toledo Mayor Jack Ford, but even his biggest critic said he didn't think it affected the mayor's decision.

According to campaign finance reports on file with the Lucas County Board of Elections, Jim Jackson contributed $700 in 2001 and 2002 and David Ball contributed $600 in 2002.

 

Contact Tom Troy at: tomtroy@theblade.com or 419-724-6058.

 

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20050426/NEWS16/504260312

 

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From the 6/11/05 Toledo Blade:

 

 

PHOTO: David Ball, left, and Jim Jackson check on the progress of the work being done inside the former Toledo Edison steam plant.  ( THE BLADE/HERRAL LONG )

 

EDISON STEAM PLANT

Developers take first close-up look, find no surprises

By TOM TROY

BLADE STAFF WRITER

 

Nearly two months after a political battle over who gets to develop the former Toledo Edison steam plant, developers Jim Jackson and Dave Ball have finally gotten a chance to examine their prize together in detail.

 

Looking at an excavation behind the building yesterday, Mr. Jackson and Mr. Ball said the testing done on the site so far shows no negative surprises.

 

Contact Tom Troy at:

tomtroy@theblade.com or 419-724-6058.

 

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20050611/NEWS16/506110404/-1/NEWS

 

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An update from the 6/30/05 Toledo Blade:

 

 

bilde?Site=TO&Date=20050630&Category=NEWS16&ArtNo=506290411&Ref=AR&MaxW=240

( THE BLADE/HERRAL LONG )

 

TOLEDO: WORKING ON THE STEAM PLANT

A closer view shows workers digging out piling and pipe at Edison Steam Plant. Local entrepreneurs Jim Jackson, an NBA player for the Phoenix Suns from Toledo, and Dave Ball have a $20 million development plan for the cavernous building, which is to be expanded with an addition on the river side. Together, the two structures will have 111 rental and condominium units as well as interior parking.

 

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20050630/NEWS16/506290411

 

 

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From the 1/26/06 Toledo Blade:

 

 

New construction firm is hired for steam plant

By TOM TROY

BLADE STAFF WRITER

 

Developers of the vacant steam plant building on Toledo’s downtown riverfront have dumped their Akron-based construction manager in favor of a local firm: Bostleman Corp.

 

Contact Tom Troy at: tomtroy@theblade.com or 419-724-6058.

 

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20060126/NEWS16/60126015/-1/NEWS

 

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Don't get steamed

Developers say the steam plant is on schedule

By Steve Steel, The Toledo City Paper

 

Riverfront – For Rent: dozens of upscale residential spaces in newly renovated historic building with adjacent park and docking facilities.  Townhouse suites available.  Sound like a desirable locale?  It is the vision and intent for the redevelopment of the former Toledo Edison steam plant Downtown.  Renamed "Water Street Station" after its Water Street location, the project is currently in the final design phase and construction will begin this spring, according to lead developer David Ball of STS Management.  "This is a big project," said Ball, "and we are committed to doing it right. That will take time."

 

Ball and his partner Jimmy Jackson won the rights from the City of Toledo to redevelop the property after submitting proposals that included constructing a building on the river side of the existing plant providing additional commercial and residential space and adding an internal courtyard.  One of the most time-consuming aspects of the project, according to Ball, is qualifying for historic tax credits from the State of Ohio. "We have completed absolutely everything that we possibly could without having our tax credits at risk," he said, including design, site preparation, title transfer and permits.

 

MORE: http://www.toledocitypaper.com

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A blurb in the 8/3/06 Toledo Blade:

 

 

PHOTO ( THE BLADE/ALLAN DETRICH )

 

STEAM PLANT DEVELOPMENT REPORTEDLY STILL ON TRACK

 

Developer Jim Jackson checks out the progress inside the vacant Toledo Edison steam plant along the Maumee River near Promenade Park. Mr. Jackson, fellow developer Dave Ball, and Mayor Carty Finkbeiner toured the plant yesterday.

 

The structure is being transformed into an apartment condominium complex. The mayor and the developers said the $20 million project is on track to be completed in the fall of 2007 if they get a number of tax credits approved by the National Park Service in a timely manner. Mr. Jackson is a professional basketball player who grew up in Toledo.

 

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20060803/NEWS16/60803003/-1/RSS10

 

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From the 8/16/06 Toledo Free Press:

 

 

DEVELOPMENT

Ball, Jackson stress Steam Plant progress

By Justin R. Kalmes

Toledo Free Press Metro Reporter

jkalmes@toledofreepress.com

 

David Ball and Jimmy Jackson say they believe in Toledo and think they can be the catalyst to move the city's Downtown forward.

 

They plan to do so with their latest endeavor, the conversion of the vacant Toledo Edison Steam Plant on the Maumee River's west bank into upscale townhouses and apartments. The development, dubbed Water Street Station, will contain 75 units in the existing building and 34 townhouses in a new structure to be constructed on the plant's south side. Residents could begin moving in as early as fall 2007, Ball and Jackson said, if the National Park Service approves the project for its historical tax credits.

 

http://toledofreepress.com/?id=3805

 

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From the 3/13/07 Blade:

 

 

PHOTO: David Ball and Jim Jackson, partners in Water Street Development Co. LLC, face a possible suit from the city of Toledo for failing to begin work on their waterfront project.  ( THE BLADE )

PHOTO: David Ball, left, and Jim Jackson examine the interior of the old steam plant they plan to turn into apartments and condos.  ( THE BLADE )

 

Steam plant partners feeling heat from city

By TOM TROY

BLADE STAFF WRITER

 

Mayor Carty Finkbeiner is turning up the heat on the developers of the former steam plant to get them to start construction - or turn the historic downtown landmark back over to the city.

 

A letter sent last Friday from the city's law department to developers Jim Jackson and David Ball notified them that they are in default of the May 23, 2005, development agreement with the city.

 

Contact Tom Troy at: tomtroy@theblade.com or 419-724-6058.

 

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20070313/NEWS16/703130330/-1/RSS

 

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Link contains a photo.  From the 4/12/07 Blade:

 

 

City of Toledo goes to court over stalled steam plant

Suit demands that developers begin work or return the deed

By TOM TROY

BLADE STAFF WRITER

 

Mayor Carty Finkbeiner says he's not going to accept any more excuses from Toledo Steam Plant developers David Ball and Jim Jackson.

 

Mr. Ball says he's fed up with the mayor's pressure on the complicated renovation project and is ready to hand it back to the city.

 

Contact Tom Troy at: tomtroy@theblade.com or 419-724-6058.

 

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20070412/NEWS16/704120359/-1/RSS10

 

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From the 4/22/07 Blade:

 

 

GRAPHIC: A VISION OF THE FUTURE : The former Toledo Edison Steam Plant is to be converted in a two part development by developers David Ball and Jim Jackson.  ( THE BLADE )

PHOTO: Existing steam plant building

PHOTO: A 1924 aerial view of the Steam Plant.

PHOTO: An outside view of the Steam Plant along the Maumee River downtown in 1984.

PHOTO: Cement masons work on concrete they poured into the foundation of the Steam Plant in 2000.

 

Explanations, exasperation mark stalled development of Toledo Steam Plant

Project team cites obstacles; mayor wants results

By TOM TROY

BLADE STAFF WRITER

 

In pro basketball, failure to heed the shot clock will cost the team possession of the ball.

 

Jim Jackson, an NBA player-turned-entrepreneur, and his business partner Dave Ball, are playing against another kind of clock — in a higher-stakes game.

 

The ball in this case is the Steam Plant, which has bounced among would-be developers almost since the day Toledo Edison agreed to give it to the city.

 

Contact Tom Troy at:tomtroy@theblade.com or 419-724-6058.

 

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20070422/NEWS16/70422001/-1/RSS

 

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With the slow real estate market in Toledo (nearly all of the metro), I can't blame them for moving slow. This project will happen one way or another, but the housing glut all over the metro means things will take longer.

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Condos dropped from steam plant development plan

By IGNAZIO MESSINA

TOLEDO BLADE STAFF WRITER

Friday, June 20, 2008

 

Developer David Ball yesterday said he and his partner, Jimmy Jackson, have scaled back their residential redevelopment plans for Toledo Edison's former steam plant downtown along the Maumee River.

 

Meanwhile, Toledo Mayor Carty Finkbeiner demanded the pair get the project started.  He told them to "step up now," or turn the site back over to the city or another developer.

 

Read more at http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20080620/NEWS16/806200349

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^To be honest, I'd rather see that annex building go in on the empty lot where they tore down the Federal Building on Summit. It's just to the left of the Keybank Building (upside down modernist triangle building behind Edison Steamplant), and would fill in that hole on Summit. There could also be street-level retail and restaurants.

 

I'm just happy the plant is still being renovated. It's really a gem.

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"It doesn't take a rocket scientist to figure out the condo market, not only here in Toledo, but anywhere, just does not exist," Mr. Ball said. 

 

There's probably some truth to that. It's gotten weak almost everywhere in America, and even moreso in every Ohio city. Still, he's adding nice housing downtown, so I'm not complaining. 75 units is still a good-sized project. So we lost 30 units, big whoop. The majority are still getting built. In this economy, projects like this are being downsized in every downtown in Ohio. Hell, some are stopping entirely. I love Carty, but I think he needs to put this in perspective and look at what's happening elsewhere in our state.

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I haven't read the whole back story on this thread, so if I'm re-hashing something that's already been said, I apologize.

 

< :type: >

From the beginning I've been concerned about the long-term viability of much of the widely acclaimed urban renaissance that's been going on in many cities. Downtown residential developments have been almost entirely high-end, and among the potential buyers for expensive condos are many people who are accustomed to pulling in large salaries for jobs that are rooted in speculation on financial markets.

 

The term, "services economy," including financial services like banks, brokerages and investment firms, is an oxymoron. The services sector can function long-term only as an adjunct to industries that apply labor to raw materials to produce essential tangible products. General categories that encompass most of those industries are mining, manufacturing, and agriculture.

 

Money is a medium of exchange that reduces the need for cumbersome activites like bartering, and financial and other services can facilitate an industrial economy by making funds available for manufacturing startups, construction, expansion and updating of facilities and by assisting with the marketing and distribution of products. The services sector at best exists in symbiosis with the industrial sector.

 

At worst the services sector becomes parasitic upon the industrial sector. When investors buy industries in order to realize short-term return on their investment by liquidating assets, eliminating workers' jobs and looting retirement plans, or when they impose multi-tiered labor contracts designed to force out experienced skilled workers and replace them with new hires at reduced compensation and benefit levels, they undermine the structure that generates new wealth. They sabotage the industries' long-term prospects in a quest for short-term gain.

 

The mythical "services economy" is like a group of players sitting around a table, starting with a pile of money that someone else gave them, and passing it around the table with each player keeping a portion until the money is all in the pockets of the individual players. By hoarding the money, they make it worthless and everybody loses.

 

Our economy has been propped up by virtual money; brokers, traders and investment firms have created so many instruments based upon other instruments based upon still other instruments that somewhere in their ancestry might have represented real value, that it's impossible to tell how much real money exists. Such a system can continue to grow only so long as general gullibility continues to make available assets to feed it. When the real assets become depleted and confidence evaporates, the whole thing collapses.

 

At some point there will be large blocks of condo conversions and newer construction available for thirty cents on the dollar until the developers give up and in a last-gasp effort to recoup their investments, turn them in to rentals. Then, cost-cutting construction and careless, indifferent and possibly impoverished tenants will turn them into the tenements of the future. There will be units and whole buildings and complexes boarded up, projects abandoned under construction, and proposed condos for which ground never gets broken.

 

Also see: Ponzi, Charles

< / :type: >

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At some point there will be large blocks of condo conversions and newer construction available for thirty cents on the dollar until the developers give up and in a last-gasp effort to recoup their investments, turn them in to rentals. Then, cost-cutting construction and careless, indifferent and possibly impoverished tenants will turn them into the tenements of the future. There will be units and whole buildings and complexes boarded up, projects abandoned under construction, and proposed condos for which ground never gets broken.

 

In Ohio, this has already begun. The Blade did an outstanding series on the REALITY of downtowns in Ohio today, and the sheer amount of projects that are being abandoned (Columbus had a quite a few large ones) or never get off the ground is astounding. Every downtown in the state except Akron has lost jobs since 2000, though there has been some population increase. The CBD's of Columbus and Cincinnati have both lost over 10,000 jobs since 2000! Overall, the urban core of Dayton has lost 26% of its workforce in just seven years!

 

Basically, Ohio is in trouble, and this includes everybody. I should probably post some of the most telling stats in the city discussion section. It's depressing.

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This ought to give it a shot in the arm.......

 

BREAKING: ProMedica plans to move headquarters Downtown

Written by Staff Reports | | news@toledofreepress.com

 

Toledo Free Press has learned ProMedica is planning to move its administrative employees Downtown and has options to purchase the steam plant and KeyBank building to house them.

 

The move could mean as many as 700 employees would be transferred Downtown.

 

In conjunction with the move, ProMedica is also looking into options for building a parking structure, possibly on the site of Promenade Park.

 

In March 2012, City Council voted to approve a $2.2 million makeover plan for the Promenade Park site. The funds came from money left over from a $5 million loan for improvements to the Marina District.

 

READ MORE AT:

http://www.toledofreepress.com/2014/02/04/breaking-promedica-plans-to-move-headquarters-downtown/

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Good news for Toledo, but there must be a better way to supply parking than building a parking structure on Promenade Park. Its a nice (although somewhat neglected) waterfront park, and it sounds like they are halfway through a project to spruce it up. Am I missing something here? The article seems light on those parking details. I know it looked like a "boondoggle" in it's day due to the quick demise of Portside Festival Market (and bankrupting Toledo Trust bank if I recall), but the waterfront park legacy is cool IMO.

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Awesome, awesome, news! And keep in mind the parking garage would be underground. My understanding is it would go underneath the empty lot where the Federal Building stood. This is a block back from the water on Summit Street. Mayor Bell wanted to expand Promenade Park to this lot and build an outdoor amphitheater (this was years ago when I worked in Downtown Toledo, so I'm not sure if the project ever got off the ground). I agree Promenade Park is great (it's the best urban waterfront park in Ohio IMO), but I don't think Promedica's plans are going to do anything to hurt it.

 

But really, why not just use the old Fiberglas Tower garage for now? There is also a public garage on Summit at Cherry.

 

Either way, it's great the steam plant is being saved, and 700 employees will spinoff housing and business. That would be a sweet building to work in and I bet a lot of the younger workers will move downtown.

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ProMedica another victory for downtown

$40M plan caps years of restoring city’s core

 

BY IGNAZIO MESSINA AND MARK REITER

BLADE STAFF WRITERS

 

Twenty years ago there was no Huntington Center, no Fifth Third Field, no Valentine Theatre, no La Salle Apartments, no Commodore Perry Apartments.

 

Downtown had a fraction of the public and private investment in the area today.

 

The adjacent Warehouse District two decades ago was a cluster of empty buildings — no trendy coffee shop, bars, and restaurants, no candle shop, no art galleries that exist now.

 

Read more at http://www.toledoblade.com/business/2014/02/09/ProMedica-another-victory-for-downtown.html#9VOs13FqeESAco5g.99

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