Landmark label sought for vacant skyscraper

Eyde Co. of East Lansing, Mich., wants to redevelop the Fiberglas Tower to include office space, a hotel, retail, and apartments. THE BLADE Enlarge | Photo Reprints

The East Lansing, Mich., firm that owns and wants to redevelop the Fiberglas Tower downtown is asking the city of Toledo to grant the skyscraper a local "landmark designation" so it can pursue a state of Ohio historic tax credit.

The request will come before the Toledo-Lucas County Plan Commissions on Thursday, then before Toledo City Council for a vote on Wednesday.

Nick Eyde, a partner of Eyde Co., said the company, which has owned the Fiberglas Tower since 1998, needs historic tax credits worth up to 25 percent of the project cost but not exceeding $5 million, as part of the financing plan to turn the vacant building into a mixed-use facility.

The total cost of renovating the newly named "Tower on the Maumee" to include office space, a hotel, a retail area, and apartments, is estimated at $29.4 million, with about a third coming from the developer. Plans to build a 96-room Marriott Courtyard in the building have been approved.

The project is expected to create 368 permanent jobs.

"We have the part one completed for the federal designation, but the state of Ohio has a competitive tax credit program and we need this local designation," Mr. Eyde said.

Adjacent Levis Square is included in the landmark designation request as well.

Eyde is also seeking a $10 million loan from the U.S. Department of Housing and Urban Development, an amount that would have to be backed by the city. It also would receive a $2 million HUD grant that would be used to pay interest on the $10 million loan over the first seven years, giving the initiative time to take off. Should there be a default occur, the city would take possession of the tower, under the financing plan.

Toledo Councilman Paula Hicks-Hudson, whose district includes downtown, said the building needs to be preserved because it is an architectural rarity.

The 28-story building was constructed in 1967-69 with a structural steel skeleton that was faced with a glass and aluminum curtain wall.

"The recessed clear glass first floor makes the building appear to float off of the ground," the Plan Commissions' report states.

The building, which is located at Jefferson Avenue and St. Clair Street, has been vacant since 1996 when Owens Corning moved to its new campus-style headquarters on the Maumee River.