Financing is complete on a $2.2 million renovation of a historic Miamisburg building that is expected to lead to more housing and retail space downtown.
The developer for the former Suttman building said he plans to begin construction next month after working out major issues with the state historical preservation office and the city creating a Tax Increment Finance district.
The project to revive the century-old building at 24-32 S. Main St. will benefit from $432,310 in historic preservation tax credits and $450,000 from a TIF Miamisburg approved last month.
Downtown Miamisburg has been seen a revival the past several years with the opening of several locally owned shops, millions in investment at Riverfront Park and the restoration of the Historic Plaza Theatre.
Given age of the building, its location in the heart of downtown and other factors, “this is probably one of the most exciting and most fun projects to do,” said developer Eric Joo, principal of Simplify Real Estate LLC, which is working on the project with MODA4 Design.
“Miamisburg is a fun city,” he said. “You can’t get any more central” in the downtown area “and the ability to do a mixed use is going to add a lot of active uses.”
A Tax Increment Finance district allows city to redirect property taxes based on value of developer’s investment, Miamisburg Development Director Chris Fine said.
For the city’s $450,000 investment, it should see a return of about $540,000, he said.
Fine called the TIF “our last piece of the puzzle” to secure financing for the project. “We kind of turned over every rock on funding sources.”
Reaching the renovation phase has also been time consuming, Joo said, because of the state’s strict standards on how much work can be done on historic buildings. The goal is to complete the work by the end of 2020, he said.
The site includes three parcels, of which the main one is the Suttman building, built in the first decades of the 1900s, records show.
The project involves more than 6,000 square feet of space for businesses on the first floor and nearly 6,200 square feet for eight or nine apartments on the second and third floors, officials said.
Joo has started advertising for the first-floor space, which he said would be good for a restaurant or brewery.
“It’s got a great basement that would be great for catered event space or a speakeasy-type” of setting, he said.
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