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Goetz Tower Deal - What's New 4.5 Years Later?

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    Posted: Jan 15 2018 at 1:11pm
Middletown, Ohio Economic Development News
INSIGHTS
Issue 4 August 2013

Downtown Revival
Market Rate Housing Coming to Downtown

New market rate housing is in the works in downtown Middletown. The former Fifth Third Tower (also known as Goetz Tower), which opened in 1930 as the Middletown Building and Deposit Association, was recently purchased by Grassroots Ohio LLC. The nonprofit development group is investing an estimated $2.5 million to convert the second through seventh floors into market-rate loft apartments and renovate the first floor into a retail location. LOL CITY COUNCIL APPROVED FIVE-YEAR CITY-FUNDED LEASE OF FIRST FLOOR SPACE FOR ECONOMIC DEVELOPMENT DEPARTMENT RELOCATION. LOL

The group is currently lining up funding for converting the historic, 30,000-square-foot art deco building. It was designed by local architect Harold W. Goetz and is the only structure of that style in Middletown. The tower is located across the street from the Cincinnati State Technical and Community College Middletown campus, which opened in the fall of 2012 and has seen its enrollment nearly double in just one year. LOL

“When Cincinnati State announced their downtown campus, that convinced us to move ahead with the project,” said Mike Robinette, a principle with Grassroots Ohio. “We think the demand for downtown housing would be there without Cincinnati State, but that makes it even a stronger housing project.” LOL

 Robinette said the floor plans haven’t been defined yet, but he expects the market-rate apartments to be between 800 and 1,200 square feet, and plans to rent them for between $800 and $1,200 per month. The project will be the first residential project in downtown Middletown, and could be a catalyst for further revitalization.

“I think it’s transformational,” said Denise Hamet, Middletown economic development director. LOL “Housing is always one of the essential pieces to revitalizing an urban area. It puts feet on the street.”

Robinette said the inside demolition has already been started LOL, but the project probably won’t be complete until March of 2015 LOL because historic restorations take longer than normal redevelopment projects. The group will also be applying for state and federal historic tax credits, which can help with nearly 45 percent of the project’s cost. Grassroots Ohio plans to apply for the credits in March and, if approved, construction will start in the springLOL

The project has already received some initial financial support:
 • Duke Energy, the Charlotte-based energy provider for Ohio and Kentucky, is giving the project a boost with a $23,700 grant to help Grassroots Ohio assess the redevelopment project for predevelopment tax credits.
 • The City of Middletown gave its support for a U.S. EPA grant of more than $13,000 for a Phase 1 Environmental Assessment
 • The Middletown Community Foundation gave the group a grant to expand the South Main Historic District to include Goetz Tower. (This was a necessary step before the group could apply for historic tax credits.)
 • The Cincinnati Development Fund gave them an $85,000 development loan.
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Joined: Jan 12 2011
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Post Options Post Options   Thanks (1) Thanks(1)   Quote TonyB Quote  Post ReplyReply Direct Link To This Post Posted: Jan 15 2018 at 1:35pm
I don't think you'll have too many students at those rates.
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