Everything TCW seeks to accomplish is done with partnerships and the community in mind and that is certainly the case of our next project. Last week, the first step of many was completed when the City of Troy Downtown Building & Repair Fund (DBRF) Loan Committee approved an unprecedented $850,000 forgiveable loan to TCW to rehabilitate the exterior and three floors of the historic Coleman-Saidleman Building. The building, located at 1-3 E. Main Street has been a fixture on the square since its construction in 1855 and has served as a site for civil war soldiers to a well-known shoe store.
TCW’s desire in purchasing this building is to retain its historic value and bring the building up to modern standards. It will be a long process and involves working closely with the City of Troy, the Ohio Historic Preservation Office, and many, many more. The next step will be for Troy’s city council to approve the loan as recommended by the DBRF loan committee. To see the article on this project in Sunday’s Troy Daily News click here
An important historic landmark on Troy's Public Square
3rd Floor Loft Style Living in Historic Downtown Troy
3rd Floor Loft Style living in Historic Downton Troy
Proposed Third Floor Loft Style Units
East Gate Building
221 E. Main Street, Troy Ohio 45373
Revitalization The East Gate revitalization building project was completed in three years, and included the involvement of numerous community partners. The Sip, Savor, Share event recognized all involved, which included individuals, non-profits, for-profits, and the city (click here to see a program from the event).
Concept to Pre-Construction Phase – 2010 & 2011 The biggest milestone in the pre-construction phase was obtaining initial local funds to start the project. TCW board members had to convince donors to contribute towards rehabbing this wretched building. After completing a concept plan along with other building studies, the entire project was deemed worthy. Talented members of the TCW board were able to secure enough funding from the Troy, Oswald and ITW foundations to begin leveraging additional funds from both the city and Ohio Finance Fund.
Construction Phase – 2012 & 2013 Construction plans and bid documents were completed by local architect, Candy Goodall. Because funds did not match construction bids in the spring, TCW had to go through the painful experience of rebidding the project. TCW was happy to award the contract to a local developer and contractor, Tony Blundell who completed the project in 2013. All through the construction process members of the TCW board and Development Committee managed the construction phase of the project.
Marketing & Managing – 2013 & 2014 There was an overlap in marketing and completing the construction phase of the building. Tenant space was finished as “vanilla box”, meaning tenants were expected to finish the space according to their business type. Due to one member of the board working for a commercial real estate firm, the building was professionally marketed through various listing services, posted building sign and marketing brochures. Numerous tenant prospects were vetted out, before finally making a selection. TCW was more than pleased to have RT Industries new venture, The Starting Point and Applied Chiropractic as our first tenants in the newly rehab’ed building. Both tenants filled the first floor and paid for finished spaces, adding additional investment value into the building. Property maintenance and tenant management continues with various ongoing responsibilities. The second floor remains unfinished and will be completed at a later date.