Historic Buildings Offer New Housing Opportunities

Understanding market potential for residential redevelopment as a revitalization
strategy in Toledo, Ohio

Project Summary

Community: Toledo, Ohio

Technical Assistance: Housing Market Assessment
Former Use: Office and Retail
Future Use: Residential Housing

The development history of Toledo mirrors many other
post-industrial river cities that experienced suburban flight
and sprawl in the mid-20th century. Located along the
Maumee River in western Ohio, Toledo began as a
manufacturing center, but a transition towards service and
technology-based industries has left the downtown
buildings underutilized and often vacant. The City of
Toledo has made great strides in redeveloping the central
business district into an active waterfront community. Part
of their efforts have focused on the iconic "Four Corners
Buildings".

The Four Corners Buildings are four historic high-rise
buildings that are original structures in downtown Toledo.
The community and local officials have pointed to the
redevelopment of these buildings as critical catalyst
projects to bring people back to the city center and further
the economic revitalization of downtown.

The Community's Challenge
While Downtown Toledo has undergone several
improvements in the past decade, the Four Corners
Buildings have remained vacant and underutilized since
the early 2010s. Given the age of the buildings, asbestos
and lead-based paint were among the environmental
concerns identified with the site.The buildings represent a
significant opportunity to bring residential uses to the
downtown core that can support other commercial and
retail activities. Before redeveloping the Four Corners

Buildings, the City needed to understand if there is market
demand for a large residential redevelopment and ensure
that the market is not overbuilt for current and future
demand.

EPA's Land Revitalization Technical Assistance
In 2021, the U.S. Environmental Protection Agency Land
Revitalization Program provided contractor technical
assistance to perform an analysis of the downtown
housing market in Toledo. The study report summarizes
the prevailing trends in the rental and for-sale housing
markets and the impacts of the COVID-19 pandemic.

Then, the report uses real estate data and a set of
comparable downtown buildings to assess the potential
performance of new residential units in the downtown. The
report concludes with recommendations for a
redevelopment strategy, unit mix, and the type of
amenities that could be offered to be competitive in the
market.

By understanding the potential demand for new residential
buildings downtown, the City can move forward with
redevelopment plans.

Recommendation Summary Table for the Four Corner Buildings

Unit Type

Recommended
Percent of Unit Type

Rental Rate
(Per Square Foot)

Studios

8-10%

$1.30-$1.35

One-Bedrooms

50-60%

$1.10-$1.20

Two-Bedrooms

30-40%

$1.00 - $1.10

Three-Bedrooms

1-2%

$0.65

For more information, contact Sarah Gruza, EPA Region 5
Brownfields Program, at aruza.sarah@epa.gov or Jim Van
Der Kloot at vanderkloot.iames@epa.gov.

a	a

SEPA

United States	Office of Brownfields and Land Revitalization

Environmental Protection

Agency	560-F-22-033

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