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

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.

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