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 ------- |