A Lansing development partnership has purchased Toledo’s Berdan Building and has plans to renovate it into downtown living and retail space at a cost of up to $20 million.
The Berdan LLC paid $700,000 for the property at 1 S. Erie St. on Tuesday, according to records on file with the Lucas County auditor. The previous owner was listed as Parkstone Berdan LLC.
Kevin Prater, a Lansing-based developer and partner in The Berdan LLC, said the project could hold 115 market-rate apartments with retail space on the ground floor. Redevelopment of the deteriorating five-story structure will take at least two years, he said.
Richard Karp, Mr. Prater’s partner in The Berdan LLC, said, “We are very excited at the prospect of adding the successful redevelopment of this most strategic and iconic historic asset of Toledo’s hottest downtown neighborhood, the Warehouse District.”
He said concept plans are being made for a mixed-use redevelopment.
The sale was facilitated by a decision by the Lucas County Board of Commissioners last month to release liens on the property owed to the county by a previous developer dating to 2005.
Mr. Prater said the project will be privately financed, though he hopes to obtain historic-preservation tax credits. The building stands across from the entrance to Fifth Third Field.
Mr. Prater and Mr. Karp’s firm successfully redeveloped the nearby Standart Lofts, an upscale 75-unit apartment building, with stainless-steel appliances, granite countertops, and a rooftop deck.
The Berdan Building is a Toledo landmark and an example of early 20th-century commercial style, according to the 1974 application for it to be listed on the National Register of Historic Places. The building was completed in 1902 and has terra-cotta molding around its main doorway and elsewhere.
Contact Tom Troy at: tomtroy@theblade or 419-724-6058.