Posted: 12:35 p.m.
Wednesday, Sept. 30, 2015
Another big Hamilton site could become ‘high-end
restaurant,’ shops
By http://www.journal-news.com/staff/chelsey-levingston/" rel="nofollow - Staff Writer
HAMILTON —
The
former Fifth Third Bank building in downtown Hamilton could be the next vacant
space on High Street to be converted into storefronts and business offices, if
a private developer goes through with a deal to buy the building from the
nonprofit redevelopment entity CORE Fund.
The
CORE Fund has received a letter of intent from the developer behind the
Historic Mercantile Lofts in the 200 block of High Street to buy the former
bank building located at 2 South Third Street, said CORE director Mike
Dingeldein.
“We’re
talking about a mixed-use reuse, the center of which would be a high-end restaurant
on the main floor,” Dingeldein said.
Canton-based
Historic Developers and its principal Steve Coon are behind the renovations of
the Mercantile Lofts and the former Journal-News building and has partnered on
downtown Middletown
properties as well.
“They’re
happy working with the city and have been successful,” Dingeldein said.
http://www.journal-news.com/news/news/local/fifth-third-closing-downtown-branch/nNRXH/" rel="nofollow - It since sold the building to CORE in
2013 for $375,000, according to property records obtained online from the
Butler County Auditor’s Office.
Coon
has not returned calls from the Journal-News seeking comment.
http://www.journal-news.com/news/news/local/loft-apartments-helping-revitalize-downtown-hamilt/nNYyz/" rel="nofollow - by Historic Developers to convert
three buildings into 29 residential units and five commercial spaces.
Commercial tenants include Community Design Alliance, Art Off Symmes, Millikin
and Fitton Law Firm, and ACS Title and Closing Services.
http://www.journal-news.com/news/news/arts-help-boost-hamiltons-economic-development/ncYyB/" rel="nofollow - by Historic Developers into the Butler Tech
School of the Arts, Miami
Valley Ballet Theatre and the Hamilton City Schools ABLE program. The project
finished in mid-2013.
If
the newest deal closes, the Fifth Third building would be the first CORE has
sold to Coon’s company.
“For
a little bit of public leverage, we’re getting lots and lots lots of private
leverage,” Dingeldein said.
Launched
in December 2012, the Consortium for Ongoing Reinvestment Efforts (CORE) Fund
is a private nonprofit that has raised millions from private and public sources
to acquire blighted properties and make non-traditional loans to developers for
projects in the area of High and Main streets.
http://www.journal-news.com/projects/following-the-money/" rel="nofollow - http://www.journal-news.com/news/news/core-fund-properties-still-a-hard-sell-to-private-/nnccK/" rel="nofollow - Discussions
are also underway to sell the former Hungry Bunny building owned by CORE at 254 High Street to
Sara Vallandingham, owner of Sara’s House, a street-level shop in the same
building.
“We
want to invest here even beyond our business. We want to bring our home here.
We want to bring our taxes here,” Vallandingham said. “I think initially we
would be more interested in this being a residential/business space for us.”
Meanwhile,
CORE Fund has pending deals to buy more properties in the Main Street area.
Most
recently, CORE has sealed a deal to buy the building that housed the now-closed
Tom’s Cigar Shop and surrounding properties, Dingeldein said.
Dingeldein
expected to close Wednesday on the purchase of 205 Main Street, http://www.journal-news.com/news/news/major-hamilton-main-street-corner-is-next-target-f/nnkzw/" rel="nofollow - To
help fund the purchase and renovation of 205 Main Street, Hamilton
city council members approved at their meeting Sept. 23 plans to borrow about
$700,000 from the Hamilton Community Foundation. The money will be granted to
CORE Fund for the building that housed street-level retailer Mazagan Urban Ware
at the corner of Main and South C Street, and an adjacent house.
The loan would also cover the costs of buying 9-11 South C Street and demolishing those
buildings.
“Our
hope is… we’ll do to Main Street
what we did to the 200 block of High Street,” Dingeldein said.
CORE
also plans to buy 302 Main Street,
which houses Hughes Pharmacy.
CONTINUING COVERAGE
We
do local best: The Journal-News provides regular updates on the activities of
the nonprofit Consortium for Ongoing Reinvestment Efforts (CORE) Fund and Hamilton city
government’s property purchases.
July 2014: http://www.journal-news.com/news/news/as-core-fund-grows-director-separates-for-profit-n/ngbqt/" rel="nofollow - Nov. 2014: http://www.journal-news.com/news/news/hamilton-acquires-nearly-200-properties-in-2-year-/nh3Qq/" rel="nofollow - Dec. 2014: http://www.journal-news.com/news/news/local/with-new-business-openings-hamilton-reclaiming-dow/njLCB/" rel="nofollow - Feb. 2015: http://www.journal-news.com/news/news/how-hamilton-landed-largest-job-announcement-in-a-/nkHPb/" rel="nofollow - March 2015: http://www.journal-news.com/news/news/downtown-hamiltons-recovery-making-strides/nkK4y/" rel="nofollow - April 2015: http://www.journal-news.com/news/news/hamiltons-core-fund-leads-new-investment-in-main-s/nkkz7/" rel="nofollow - June 2015: http://www.journal-news.com/news/news/core-fund-property-acquisitions-grow/nmWfL/" rel="nofollow - Sept. 2015: http://www.journal-news.com/news/news/downtown-hamilton-grocery-store-now-open-for-busin/nnXKN/" rel="nofollow - Sept. 2015: http://www.journal-news.com/news/news/core-fund-properties-still-a-hard-sell-to-private-/nnccK/" rel="nofollow - Sept. 2015: http://www.journal-news.com/news/news/major-hamilton-main-street-corner-is-next-target-f/nnkzw/" rel="nofollow -
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