Renaissance Too starting $1M project in downtown Sandusky

SANDUSKY — Believing in Sandusky's renaissance, they, too, want to make a sizable investment in the community.During a recent public meeting, city commissioners designated $115,000 in local grant funds so Sandusky-based company Renaissance Too can pursue a complete renovation project at 125 E. Water St. by Daly's Pub.Earlier this month, the company bought the three-story structure. Since then, they've unveiled blueprints to pursue a $1 million initiative, which includes $262,000 in property acquisition costs, all revolving around reactivating this longtime vacant structure.The project largely consists of:• Renovating the first two floors into office space for Lake Erie Shores & Islands; About two weeks ago, officials announced the tourism bureau's Erie County branch would move into this building, relocating from Milan Road (U.S. 250) in Perkins Township.• Remodeling the third floor into two residential apartmentsMaria Muratori, the city's economic development specialist, explained why this represents a good investment of public taxpayer dollars."The property that Renaissance Too will redevelop has long been vacant," Muratori said. "It is in a prime location and, if not redeveloped soon, is at risk of further deterioration. The renovation of the property will eliminate blight and return the building to a viable use as the home of an important tenant, Lake Erie Shores & Islands, in addition to creating two new residential units."One year from now, crews should complete the work, according to Bob Hare, one of the company's partners. The tourism bureau can then begin operating from there, and his company will begin leasing out those apartments.Hare provided more context for the upcoming work and why the grant, representing about 11 percent of all project costs, means so much for his company and its venture."The cost-to-value proposition for this building is a significant challenge in that the extensive work to make it tenable will exceed the final market value by quite a bit," Hare said. "The incentives provided by the city assist us, and all developers, to overcome a portion of that value shortfall. Without it, many of the buildings downtown would likely not be improved, which is one of the reasons why this particular building has been vacant since, at least, the early 1990s."Hare continued: "I credit (city manager) Eric Wobser and city commissioners for having the vision to understand this and the citizens of Sandusky for voting to create the funding mechanisms shortly after Eric came to Sandusky. Without these incentives, the progress we've seen downtown in recent years would not have been feasible."Sandusky-based company Renaissance Too is pursuing a $1 million project to renovate and repurpose a longtime vacant structure at 125 E. Water St. Making sense of the dollars and centsA project undertaken by Sandusky-based company Renaissance Too to revamp a vacant structure at 125 E. Water St. into a mixed-use development for business and residential purposes totals $1 million, broken down with:• $435,000: money coming from a loan the company wants to take out• $290,000: money coming from the company• $170,000: money coming from state and federal historic tax credits• $105,000: money coming from Sandusky's government specifically for the residential component and building improvementsSource: Sandusky economic development officeReach reporter Andy Ouriel at ouriel@sanduskyregister.com and follow him on Twitter @AndyOuriel.