The Lansing-based owners of Toledo's largest vacant building - the 30-story, former Fiberglas Tower - have a new plan to clean the asbestos-contaminated hulk of a structure and transform it into a collection of office space, condominiums, and a hotel, restaurant, and health club.
The total investment could top $35 million, said Nick Eyde, a limited partner for the Eyde Co.
"We are working with 392,000 square feet, so one use is not going to be feasible for the project," Mr. Eyde said. "I think Toledo is actually approaching its downtown the right way, because not only do you have the new arena being built downtown, you also have the new Fifth Third Field."
To push the project along, Toledo City Council this week authorized the Finkbeiner administration to submit a Clean Ohio Revitalization Fund application requesting a $3 million grant to remove the building's asbestos.
http://toledoblade.com/apps/pbcs.dll/article?AID=/20080814/NEWS16/808140...
Toledo voters never learn. This "fund application" is just going to be more money your mayor will give to Larry Dillion in order for Larry to start work on the Marina District. Just like Larry is getting the other brownfield fund money to clean up his Southwyck asbestos mess.
Your mayor is shafting you all and yet you still bend over in front of him.
"Thank you sir, may I have another?" And all of America points at you and laughs.
$10 a foot may or may not be enough to remove asbestos, I don't know.
"condominiums, and a hotel" from space built as a single tenant office building"? I'll bet all they need is an investor / investor group and 50% in grants / non-recourse funding. By the way . . . It's not sprinkled and that's a requirement of such multi tenant structures.
Big Jim
Holy cow...I didn't realize that the Eyde family (well, Eyde corporation) owned that building. I actually know them from my days in the Lansing area...I used to work at a business owned by Eyde.
They have pretty deep pockets. Though I am still a little taken aback by the news that they own the building and what their plans are for it.