FOR IMMEDIATE RELEASE
Contact:
Matthew Rubin
mrubin@cranedevelopment.com
248-245-3254
Construction Nearing Completion on Downtown
Mixed-Use Project Library Square
TOLEDO, OH, 1/21/21— Toledo-based commercial real estate development company Crane Development Ltd. is pleased to announce construction is nearing completion on Library Square. The $1.8MM project transforms four blighted, three-story buildings across from the Toledo Lucas County Public Library Main Branch into a vibrant, mixed-use corridor at 909-915 Madison Ave. with 10 brand new apartments and four new commercial storefronts. The units are now available for lease, with project completion expected by the end of March 2021.
Crane Development, led by principals Matthew Rubin and Julia Randles, acquired the distressed properties in 2019 and leveraged the area’s Opportunity Zone designation to raise funds from private investors to support the project. Library Square’s construction loan was provided by State Bank, and the City of Toledo provided funding through the U.S. EPA Assessment Grant and Business Incentive Grant (BIG) programs. Library Square also qualified to receive the Ohio Opportunity Zone Tax Credit. Randles Company LLC., a certified Ohio Women-Owned Business Enterprise construction firm, is the construction manager.
Library Square offers a charming, walkable urban experience in an up-and-coming area between three downtown landmarks: the Hylant Building, SSOE World Headquarters and the Main Branch Library.
The upper floors of 909-913 Madison consist of six two-bedroom, two-bathroom, walk-up loft apartments. Each will have clean, modern finishes, exposed brick walls, in-unit washer and dryer, stainless steel kitchen appliances, energy-efficient fixtures, balconies facing a private courtyard and on-site parking.
The upper floors of 915 Madison offer four original studio apartments with a fresh facelift and modernized mechanical systems, highlighted by original cast-iron sinks, casework, bathroom tile and refurbished hardwood floors.
Each of the four first-floor commercial units is approximately 1,000 sq. ft. Two units have been leased and the other two units are available for restaurant, office and retail tenants.
For more information, visit cranedevelopment.com/librarysquare
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