TOLEDO - (13abc, Action News) - A plan to bring 360 market rate apartments to Toledo's Marina District will get a hearing by the city's Architectural Review Committee, next week.
The development will be called Gateway Lofts, it's a $45-million Frank Kass project. He's the Columbus-area developer who has shown an interest in the east Toledo site for nearly two decades.
The plan filed with the Plan Commission features 360 apartments on a five-building campus.
The proposal creates 288 one- bedroom apartments; the rest would be two-bedroom, catering primarily to young professionals working downtown.
Toledo mayor Paula Hicks-Hudson believes this plan has momentum which hasn't existed for 10 years..
The economy is stronger, banks are willing to lend money, and the local real estate market is healthier.
The Mayor says, "With the re-development of downtown, this is part of the next step in order to connect both sides of the river and have the revitalization that we need for our community."
Under the plan that would be developed by Continental Development, Inc, Toledo would have to extend Morrison Drive into the site and connect it with Riverside Drive.
Also included, a clubhouse restaurant and a pool overlooking the Maumee River.
This is a slightly smaller project than the one Kass announced in April
The apartment buildings are configured differently, on less acreage, and there are more apartments because there will be no townhomes.
However, the overall project Continental is creating includes additional office space and a commerical area along Front Street.
Developer Kass told 13abc's Bill Hormann, late Wednesday afternoon, ultimately 200 full-time jobs would be created.
Councilman Tom Waniewski hopes special interests respect the developer's vision.
He says, the city must be "mindful that they're investing millions of dollars, mindful that they're putting people to work, mindful that we're getting taxes."
Kass is working on acquiring the 12 acres needed for the apartment units and construction could begin as early as April, 2018.
The project could be completed by the end of 2019.