You don’t have to look for too long around Downtown Toledo to realize this is one of the hottest areas in the region for residential real estate. If you’re coming downtown for business or pleasure, you might as well come down to stay – there are many options and a ton of attractions! Whether you want to make a permanent move or just test the waters with a short-term lease, Toledo has some very cool, spacious, contemporary living arrangements in a variety of prices and sizes.
Want to rent? If so, you will have the most options.
There are several high-rise apartment buildings, including the Commodore Perry Apartments, the LaSalle Apartments, and the Riverfront Apartments. Under construction and set to open soon is The Berdan Building, located at Washington and Erie Street. The five-story former grocery warehouse has been renovated into an apartment building offering a total of 115 one and two bedroom and studio apartments. This move could push the population in the district to more than 1,100 residents and is expected to attract many millennials and empty-nesters to the area.
The Fiberglas Tower in downtown Toledo, a skyscraper built in 1969, will soon be occupied for the first time in two decades. Developers have announced plans for apartments on the top 11 floors of the building on North St. Clair Street. The building will be called “Tower on the Maumee” and will feature 106 one-bedroom and two-bedroom modern apartments. Units will range from 719 square feet to more than 1,200.
Additionally, another developer has announced plans to renovate the former Commerce Paper Co., located on South Ontario Street near Washington Street and Lafayette Boulevard. Plans call for 75 loft-style apartments.
Other ideal rental prospects include the Standart Lofts, the Bakery Building, and the St. Clair Village. Depending on how much space you need and the location you most desire, you can expect to pay $900 to $2,000 a month in rent.
Want to buy? If so, be ready and get in line. Options are much slimmer than renting, but the pickings are amazing!
There are three former warehouse structures that were converted into condominiums in the early 2000s – The Bartley Lofts, the 100 South Huron Condos, and the 110 Ottawa Condos. In addition, the Riverwest Town Homes were constructed new starting in about 2003. The Bartley Lofts feature balconies and a roof-top swimming pool and patio; Riverwest features a roof-top patio for every unit; the Ottawa has a community roof-top patio, and the South Huron has a community in-ground pool and 2-car garages for each owner.
Loft images courtesy of Tim Daniels, Professional Photographer
The more recent demand from prospective buyers wanting to own a downtown residence – and a lack of available inventory — has driven condo prices up. Once again, depending on how much space you need and your ideal location, you can expect to pay between $140,000 and $300,000 for a downtown condo. Hopefully, a developer will see this demand and create even more ownership opportunities.
Fireworks image courtesy of Toledo Aerial Media (www.toledoaerialmedia.com)
So why the recent demand to live in Downtown Toledo? Consider the attractions and the amenities made available over the past 15 years or so. There’s Fifth Third Field, home to the Toledo Mud Hens baseball team and the top minor-league ballpark in the nation, and the Hensville entertainment area. There’s the 8,000-seat Huntington Center, home to the Toledo Walleye hockey team and a top venue for national live music performers. There are several dozen incredible restaurants and bars, the Toledo Warehouse District and Farmers’ Market, the Middlegrounds Metropark, the adjacent Docks and Marina District and National Museum of the Great Lakes along the Maumee River, and the Arts Commission’s monthly ArtLoop. There are major corporations and local companies moving their workforces back into Downtown Toledo from the suburbs, and there are many grassroots businesses sprouting up in once-vacant storefronts.
“Everybody is wanting to move downtown. They want to have easy access to the things they do. Restaurants, baseball games. People want the lifestyle where they can walk anywhere,” WTOL quoted one property manager saying during a recent tour of the Warehouse District.
Demand for residential housing in the area is sky high, and as of right now, unable to be fully met. Fortunately for those wishing to call downtown home, progress has drastically increased in the last couple of years. So that lively, city loft overlooking the Toledo skyline may not be as unattainable as you’d expect.
Don’t believe the hype? Haven’t been downtown in a while? Then do yourself a favor and make a day of it.