It’s in a “safe, walk-able downtown with thriving restaurants adjacent to housing, office, restaurants and other amenities,” he said.
City officials said it been at least 13 years since Miamisburg has been involved in a downtown project of this magnitude, and the building is in a National Registry of Historic Places district. That’s part of the reason they are committing $300,000 in performance-based financial incentives to the project at the property in acquired in 2016.
“That building has been sitting there for a hundred years,” Miamisburg Development Director Chris Fine said. “So we see this as an opportunity to make sure that it’s there for another hundred years, bringing good quality redevelopment of one of the buildings in downtown.”
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“And hopefully, we’ll see some spinoff in adjacent buildings, and it will encourage folks to invest in their buildings along Main Street as well,” Fine added. “It certainly is a big boost to keep the revitalization going down here that we’ve seen over the last 10 years or so.”
The project involves about 6,000 square foot of space for businesses on the first floor and nearly 6,200 square feet for a total of about eight or nine apartments on the second and third floors, officials said.
Not since 2006, when Miamisburg worked to renovate the former Miami Hotel, has the city been involved in such public/private partnership downtown, said longtime Mayor Dick Church Jr.
That project resulted in three retail shops on the first floor, and apartments and offices on the second and third floors, city records show.
“Staff believes there are many similarities between the Suttman project and the Miami Hotel project,” according to city records. “And (we) are confident the Suttman project can be just as successful….Its renovation and re-use is vitally important to the city and to downtown Miamisburg.”
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Federal and state historic tax credits are seen as key the city’s deal with Simplify Real Estate and Moda4 Design, which will initially lease the property but have an option to buy it, records show.
Joo said developers “are in the middle of applying” for historic tax credits, which will be awarded in late June.
“That approval,” Fine said, “will drive the project.”
Joo said he hopes to start construction in July with occupancy the first quarter of 2020.
In an agreement approved by the city last week, Miamisburg has pledged $150,000 in incentive grants this year and $150,000 next year, provided the developers meet conditions and deadlines. The project is targeted for completion in December 2020.
Plans have yet to be submitted to the city. But the project’s concept, according to Joo, is retail, cafes and restaurants on the ground floor. Part of the basement could also be converted into commercial space, he said.
“We have had some interest in the first floor space via word of mouth, but I haven’t yet started marketing it,” according to Joo.
Apartments are planned for the upper two floors, he said.
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