Rieger Hotel qualifies for $5.4M makeover

A downtown Sandusky landmark long vacant finally received some sweet news of restoration and revival this week.
Andy Ouriel
Apr 14, 2012

A downtown Sandusky landmark long vacant finally received some sweet news of restoration and revival this week.

Columbus-based housing developer Buckeye Community Hope Foundation recently secured enough tax credits, valued at $5.4 million, to transform the old Rieger Hotel into a 37-unit apartment building designed for seniors with retail and restaurants on the ground floor.

The foundation is also in the process of securing an additional $2.6 million to fully fund the project.

Planners also want to include a fitness center for apartment residents, a restaurant, offices and other commercial spaces in the century-old building.

In a perfect world, the refurbished complex would be open for business sometime late next year, foundation vice president Roy Lowenstein said.

"Ninety-five times out of 100, this project will happen," Lowenstein said. "Almost always the award of credits from the Ohio Housing Finance Agency assures that the project will be able to go forward."

Read more on the Rieger proposal in Saturday's Register.

Comments

happycamper01

Awesome news and it is about time!

Phil Packer

 Where are they putting the ice skating rink?

OMG.LOL.WT_

Tax credits: Redistribution of Wealth.

snatchblock_445

read it again...they got the tax credits of 5.4 million...they need an additional 2.6 million to FULLY fund the project...didn't we hear that before from the last developer?..if you don't have all the funds, it's not going to happen

Unabasho

~
So much potential
What could Sandusky become
without naysayers?
~

 

Darkhorse

Here we go again.  I will believe it when I see it.  These developers blow into town with nothing in their pockets and expect taxpayers' monies to to pick up the tab on their project and they profit. Never do they want to put any of their money into the project.  5.4 million tax credits blows the average mind. 

origen

Tax credit = letting them keep their money to invest in a empty building. 2.6 million added on top to finish it off. It will generate revenue if completed.  A empty building is always a better choice till someone comes along with billions to spend and not care about the taxes to throw tons of money at a building in a dieing town. Not to sure about the logic on this one but i would go with the folks who have some cash to invest (They might be the only ones in the US willing to)

Sue Meredith

Darkhorse, you took the words out of my mouth. Don't get me wrong, I would love to see this happen, but how many times have we heard this before.

Fireside

I'm all for it and good luck to the developer! Where will they park? Will it be ADA complient? What age will be concidered senior, 55 and up? Let's all hope the pieces come together for this.

frizzlefrap

when are they going to rebuild scott paper?

Don S

I think it is a great thing to happen to this true landmark building. I remember the days that a pool room and a bar was in the basement and had great music to dance to. It will be nice to know that it will be occupied again.

jon491

Dollars at work ,oh but if it were to help someone , cry ,cry ,cry  entitlements . what a bunch of .

deertracker

 

This is a big waste of money!  Tear it down!

Kimo

 

Yo Pete

You going to be the pusher on this project?

How many parking spaces are required to support this dream?

They go where?

 

 

trafficman

I hope it happens. If it is 50+, Ill be living there. As long as the elevator works!

 

Phil Packer

I just wish that someone would get the money and start working on it, and THEN the SR would do a story on what IS happening.  

origen

So much potential
What could Sandusky become
without naysayers?

No rules right?

Lightening McQueen

 If you divide the 8 million dollar price by 37 units that is like $215,000 each. granted this doesn't consider the retail or restaurant spaces. With 40 units in the Chessie listed and a total of 2 selling last year I am glad to see another 37 units in that price range being put on the market. Maybe country Cowboy will live there.

SimpleEnough

Lightening McQueen, Don't you think that is a little steep considering the building and infra structure is already there? i bet it even has stairs and an elevator.

wiredmama222

shoot.  that's where I wanted to put the hotel.  I wanted the casino to go where the register building was....well, one of them.  DARN....day late, dollar short!!!!!!! 

Reva

 I hope this project is a go.  Seniors will be able to be self suficent and enjoy the company of others instead of being alone.  Git er done!

DGMutley

 If you divide the 8 million dollar price by 37 units that is like $215,000 each. granted this doesn't consider the retail or restaurant spaces. With 40 units in the Chessie listed and a total of 2 selling last year I am glad to see another 37 units in that price range being put on the market. Maybe country Cowboy will live there.<Lightening

Wouldn't it be 2.6 million divided by 37?  The taxpayers are picking up 5.4 million in tax credits.

November India Golf

tax credits..looks like the white working man is getting hosed again .

KURTje

The tone of this doesn't bode well  for working  people.   Sounds a little welfare like.

working man

10  years from now we will still waiting for this to happen , it would be great for downtown if this time it does go through. Parking is going to be a real problem even with the lot across the street. Pray for our troops and bring them home soon!

The Bizness

 I am a 25 year old wanting to live within walking distance of downtown and in an upperscale condo but not pay 200k for it. I could get a place in South Beach Miami for cheaper than up here, it is BS!

Pastor Ron

DGMutely $8 million is the total with the 5.4 million kicked in by the taxpayer.  It is worded differently since this is basically welfare for the rich.  You would think the current owner Greg Spatz DBA as Jackson St. LLC would at least have the decency to pay the 6K in taxes he owes considering the city gave him the building for free and the only equity the building has is money from the taxpayer.

thinktwice

I agree that this is total BS.

If you can't fix this thing upyourself without Gov't aid then demolish it!

Same for the Keller eyesore!

Maybe we all can let our property rot then get a bailout to revitalize it.

No wonder why everyone has a handout mentality.

 

Pastor Ron

Land and building appraised at 104K.   http://erie.iviewauditor.com/Dat...

OMG.LOL.WT_

STRANGE, No comment from Taxpayer.

These are the kind of projects the CONservatives love.

Welfare for the rich.

Ha Ha

awesomegeneration

 Ok here is my planner rant for all of you pessimists... First off. it costs money to demolish it therefore you would be paying for another empty lot in sandusky, secondly would you rather hav a vacant building or let some company hopefully take time and spend money on fixing it up and putting in residential and commercial/retail, its called economic development people! Add more stores that people will shop at or offices people will rent and the city makes money. third!!!!!! tax credit money comes from taxes that are already imposed on us, not adding additional taxes you will have to pay. So actually its a good thing they are using tax credits for this because now your money is actually going to improvements in our own community. It looks like its going to be a great project lets hope it stays on track and gets finished soon!

prairieChicken

  Wait a minute while we think this through.  The Reiger hotel is to be refurbished for SENIOR housing ... the group that spends so little that only AARP advertises to them!  This is going to be another low-income housing project under a different label.  These seniors are not going to spend enough to revitalize downtown Sandusky ... I know, I'm one of them!

  This is just another "feel-good" low-income government subsidized housing project in disguise.

OMG.LOL.WT_
Renovate Historic Buildings for Fun, Profit and Tax Breaks

 

http://www.harmoney.com/tax/tips...

There is no such thing as a free lunch and Tax breaks for some means more tax for others.

 

Sue Meredith

According to the article in Saturday's paper the plan is to have apartments for seniors ranging from $389 to $599 per month. Didn't see anything about condos for $200K plus.

KURTje

Warren Buffet stated that most people pay 33% tax while he  & his tax bracket pay around 13%.   Warren stated that was unfair.  Warren also made that comment years ago.  We need a flat tax...16% (Remember Forbes?)

Kimo

 

Re:tax credit money comes from taxes that are already imposed on us, not adding additional taxes you will have to pay.

FYI

When one person gets a tax break, someone else has to pay more to replace the money spent for that gift.

 

origen

Wareen buffet is a funny guy, If he wants to pay mor there is a place to send the check. Meanwhile his company has been in court fighting paying taxes?

http://www.huffingtonpost.com/2011/08/29/warren-buffett-taxes-berkshire-hathaway_n_941099.html

Now thats leadership we can believe in !!

KURTje

Ahh...maybe you should have seen the documentary on  Warren?   (It had to do with what he gives away & his past  experiences since the early 1960).         And no I'm not wealthy - wait maybe I am; enjoy life, know when to admit my mistakes, don't take advantage of others; etc.  Hey.......guess what???  Soon migrant help will be here......we pay for that too.

WaterStreetCooncat

 Turn it into a casino...and a giant fish market!!!

Off the subject but up the street, is it true or just a rumor that Markley's is going to be a Subway?

EZOB

   Old buildings are just that, OLD.  Buy an old car and completely restore it, money ahead buying a new car.  If you are fortunate to have a lot of money, fine, Taxpayers haven't had that luxury.  I'd say almost 100% of successful investors in Commercial Property (Donald Trump) would say it's cheaper to tear it down and build new.  What does local government want--NEW police stations, NEW fire stations, and NEW schools yet, we are to renovate old houses and buildings.  Nobody is going to renovate this building unless they get a whole lot of "FREE" money.  These buildings have been on the market for years, maybe decades and no takers so far.  Negative? i guess I am but if you had say 10 million cash would you spend it on renovating this building?  Look at how much the cost of the Perkins Police station has increased in the last 18 months, the cost of the over-pass?  If this were to happen expect a cost of somewhere between 12-15 million.  This has been the general over-run in our area.

Pete

Not my kind of construction Kimo, unless they plan on putting in automated production lines.

But from the horror stories I have heard about this building, I will believe it when it opens. How many times has someone been looking at turning that place into a usefull property over the last several decades?

donutshopguy

 Look at the location of this eyesore. Right across the street from the Register. They will do their best to promote this revitalization of this property. Self interest ?

dig this

     I was told this morning the State Theater is planning to show outdoor movies in the back parking lot. The Theater is having the brick painted to show outside drive in movies on the upper half. Good luck.

dig this

     I was told this morning the State Theater is planning to show outdoor movies in the back parking lot. The Theater is having the brick painted to show outside drive in movies on the upper half. Good luck.