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Sandusky approves tax break, grant for Rieger developers

Andy Ouriel • Dec 4, 2012 at 5:01 AM

In early 2012, the non-profit, Columbus-based housing developer Buckeye Community Hope Foundation secured $8 million in state funds to renovate the hotel on Jackson and West Market streets.

Developers want to sculpt the property into a 37-unit apartment complex for senior living. To help streamline the process and assist the foundation in debuting the apartments in November 2013, city officials made available $150,000 to help offset purchasing costs. 

For more on the deal and on a tax abatement approved by the city for the project developers, pick up a copy of Tuesday's Register.

Tentatively, available space and rent for the 37-apartment Rieger complex will be:

• $389 per month for a large studio apartment, four in total;

• $499 per month for one-bedroom apartments, 16 in total, from 650 square feet up to 751 square feet;

• $599 per month for two-bedroom apartments, 17 in total, from 850 square feet up to 1,000 square feet.

Plans also call for commercial enterprises, such as a restaurant or office space, to occupy the building's first floor.

Source: Buckeye Community Hope Foundation

By the numbers: Revamping the Rieger

In early 2012, Columbus-based non-profit Buckeye Community Hope Foundation acquired $8 million to transform the Rieger into apartments intended for senior citizens.

Here's a breakdown of what they'll do with the money:

• $5.3 million: Improvements to existing building;

• $375,000: Acquisition of building;

• $50,000: Furniture and fixtures

• $2.3 million: Other costs for administrative purposes.

Source: city of Sandusky


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