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