Foss & Company Announces Investment for Historic Redevelopment
Foss & Company, a prominent name in the tax equity syndication realm, recently declared its role as the federal and Ohio state historic tax equity investor for the Tower on the Maumee redevelopment project. This initiative is part of Phase II of the historic tower renovation, showcasing Foss & Company's commitment to community-driven investments.
Transforming the Tower into a Vibrant Community Space
The Tower on the Maumee project is poised to breathe new life into an iconic structure by enhancing and transforming it into a mixed-use development. The refurbishment of floors 5 to 11 will introduce 91 upscale market-rate apartments, complete with luxurious features such as granite countertops, premium flooring, and modern appliances. Additionally, the lower levels and top floors will be designed as contemporary office spaces.
Amenities to Elevate Urban Living
Beyond just living and office spaces, the project will incorporate a range of amenities designed to enhance the urban lifestyle. Prospective residents and tenants will have access to a fitness center, high-speed elevators, and covered parking with electric vehicle charging stations. The community feel will be further established with features like concierge dry cleaning services and an outdoor BBQ area, perfect for social gatherings.
Strong Demand Illustrated by Phase I Success
The success of Phase I, where all residential apartments have been fully leased and the commercial spaces are fully occupied, underscores the robust demand for housing and office solutions in downtown revitalization projects. The positive reception signals a promising future for the continued development in the area.
Anticipated Financial Impact of the Project
Financially, the project is expected to generate significant economic benefits, contributing approximately $3.5 million in Federal Historic Tax Credits, alongside an additional $3.9 million through Ohio Historic Preservation Tax Credits. These funds are crucial, providing the capital needed to support the redevelopment's ambitious goals.
Community Leaders Speak on the Importance of the Project
Eric Brubaker, partner and managing director at Foss & Company, expressed pride in supporting such revitalizing community projects. He highlighted the collaborative efforts with GEYDE Development's Nick Eyde, emphasizing their commitment to enhancing Toledo's downtown area with this landmark initiative. Also, Nick Eyde remarked on their enthusiasm for repurposing the former single-use office building into diverse residential and commercial spaces, reaffirming their vision for sustainable urban development.
About Foss & Company
Founded in 1983, Foss & Company stands out in the landscape of tax equity investments, having allocated over $9 billion into diverse sectors, including historic rehabilitations, renewable energy, and advanced energy facilities. With a track record of success, Foss & Company prides itself on being a comprehensive advisory firm that expertly assists partners navigating the complex world of tax equity, significantly impacting community development projects.
Frequently Asked Questions
What is the role of Foss & Company in the Tower on the Maumee project?
Foss & Company serves as the federal and Ohio state historic tax equity investor for the Tower on the Maumee redevelopment, facilitating financial resources needed for the project.
What types of apartments will be available in the Tower on the Maumee?
Phase II of the project will offer 91 market-rate apartments featuring high-end finishes and modern amenities to attract potential residents.
What amenities can residents expect from the redevelopment?
The redevelopment will include a fitness center, covered parking with EV charging, high-speed elevators, and concierge services to enhance the living experience.
How successful was Phase I of the Tower on the Maumee project?
Phase I of the project saw all apartments fully leased and commercial spaces occupied, indicating a strong market demand for the offerings in downtown Toledo.
What economic benefits are anticipated from the project?
The project is expected to generate over $7 million through Federal Historic Tax Credits and Ohio Historic Preservation Tax Credits, providing vital funding for redevelopment efforts.
