Westerville, OH, October 16, 2017 –The City of Lima (Ohio) and developer The Woda Group, Inc., based here, held a joint press conference Friday, October 13, at 43 Town Square in downtown Lima to highlight construction details to convert the historic building into mixed- income housing and commercial office space. 43 Town Square represents an important step toward revitalizing downtown and outstanding collaboration between public and private entities working together toward that goal.
Speakers at the press conference were:
“The First National Bank & Trust Building has long stood vacant, a symbol of disinvestment in the downtown. By repurposing this classic, historic building for both housing and commercial space, The Woda Group is adding momentum to the revitalization of the downtown and transforming the building into an energizing symbol of our community’s renewal,” said Lima’s Mayor David Berger. “We look forward to Woda being a new corporate citizen in Lima.”
“It is exciting to see Woda bring back to life this beautiful historic structure for new commercial space and housing opportunities, both of which are much-needed downtown,” agrees Downtown Lima’s Aubree Kaye. “I can’t wait to see what the property will look like when the renovation is completed.”
“43 Town Square will reflect our firm’s experience in developing mixed-use properties and in the adaptive reuse of lovely vintage buildings. This development will pay tribute to the historic architectural charm, while creating attractive, efficient spaces that will be highly desirable. We will incorporate environmentally-friendly design and construction practices and high-quality finishes,” said Joseph M. McCabe of The Woda Group, Inc.
Built in 1926, the historic Lima Trust Company Building, and former First National Bank & Trust Building, is listed on the National Register of Historic Places. The 12-story building features grand Chicago style commercial architecture from the early 20th century with Renaissance Revival. The building was in need of substantial rehabilitation in order to function as a modern living or working space.
The $16.7 million development is made possible, in part, with federal historic tax credits allocated through the U.S. Department of Interior, National Park Service; state historic tax credits allocated by the Ohio Development Services Agency and State Historic Preservation Office; Low Income Housing Tax Credits (LIHTC) allocated by the Ohio Housing Finance Agency (OHFA); a HOME grant from the City of Lima; a 12-year tax abatement for 50% improved value; a $1.5 million bridge loan from OHFA; and a $1.7 million permanent loan from RiverHills Bank. CREA, LLC, is investing in the LIHTC and federal historic tax credits.
The West Ohio Community Action Partnership (WOCAP) is being tapped to develop resources as needed. These items may include assistance accessing senior services; wellness, family budgeting or parenting classes; meals; transportation; or assistance accessing other social services.
“This might be very appealing to seniors and anyone that has a need for finding affordable housing downtown,” said WOCAP’s Jacqueline Fox. “Our job will be to help families find success in living downtown.”
43 Town Square will offer 47 new apartments that combine vintage character with beautiful open concept design. There will be 2 one-bedroom units, 38 two-bedroom units and 7 three-bedroom units. Of those, ten will be available at market rate expected to range from $769 to $916/month and 37 units will be affordable for singles, families, students, and seniors in range of $306 to $675/month. In addition, there is 9,000 square feet of commercial space on the first floor. It is expected to be unveiled in early 2019.
“Our commitment to 43 Town Square is not just as a developer,” added McCabe. “We’ll also remain the owner and will manage the property for the long-term future.”
In recent years, Lima has enjoyed an expanding roster of festivals, performances and family events, as well as other civic and cultural happenings downtown, says Downtown Lima’s Kaye. The city also has a number of anchoring restaurants and niche retail shops, as well as local businesses that offer employment. “With the addition of 43 Town Square, we can now add ‘Live’ to ‘Shop, Dine, Work and Play’ to highlight what’s available downtown,” Kaye added. “That’s exciting!”
The Woda Group, Inc. and its affiliates are experienced developers, general contractors, and property managers specializing in the design, construction, and management of affordable multi-family apartments, senior communities, and single-family homes. Considered leading experts in the affordable housing industry, the Woda team is known for producing and maintaining high quality affordable housing. Affordable Housing Finance Magazine ranked The Woda Group, Inc. 9th overall among Affordable Housing Developers and 22nd overall among Affordable Housing Owners in its April/May 2017 issue. The Woda Group, Inc. has developed and currently manages over 300 communities and over 12,000 units. The firm has offices in Westerville, Ohio; Annapolis, Maryland; Savannah, Georgia; Shelbyville, Kentucky; Norfolk, Virginia; Indianapolis, Indiana; and Mackinaw City, Michigan. For more information, call (614) 641-2301 or visit www.wodagroup.com.
Download news release: Woda43TownSquareLimaOH 10.16.17.
Photos featured from October 13 media walk-through:
From left: Susan Crotty, Community Development Director, City of Lima; Aubree Kaye, Executive Director of Downtown Lima, Inc.; Joseph M. McCabe, Vice President of Development, The Woda Group, Inc. and Mayor David Berger, City of Lima, pose after the ceremonial start of construction at 43 Town Square in Lima, OH.
For more information, please contact Sharetta T. Smith, Chief of Staff, City of Lima, 419-860- 1175; or Karen Bernick, Communications Consultant, The Woda Group, Inc., 563-320-2625.