Two months after buying one of the last remaining units in an unusual row-house development in downtown Toledo, Joel Tse has no regrets.
"I love said it," said the Toledo Symphony flutist.
"I like downtown living, and it's close to the museum."
Developer Brad Stough accomplished a rare feat in today's sluggish real estate market.
He carved out six stylish townhouses from a pair of rundown commercial buildings along Washington Street at Michigan Street and delivered them to the market for less than $200,000 each. (Two sold for under $120,000).
And he was able to sell out the project with little marketing.
"I'm very pleased," said Mr. Stough. "I didn't know how this was going to turn out."
A graphic-design and advertising firm moved into the last remaining unit Friday.
B Creative Inc. moved from a building at 10th Street and Madison Avenue. "We've got more space here, it's newer, more hip, and contemporary," said Dean Lohmann, operations manager for the firm.
Each of the two-story units has between 1,350 and 2,000 square feet, an attached garage, and a second-floor deck at the rear.
When Mr. Stough and a former business partner laid eyes on the first of the two buildings in 2005, the city of Toledo had filed suit against the then-owners over its poor condition, the developer said.
The buildings date from 1887 and 1900, according to Lucas County records. Over the years, they housed a hardware store, bar, and a poultry market.
Workers chiseling off plaster to expose brick underneath discovered an advertisement for a former tenant, a paint and wallpaper firm. They sealed the sign and left it in place.
Because of the buildings' condition, little was salvageable. Each unit includes exposed original brick walls, however.
The exterior facades were altered to create a residential appearance for the units. But the natural aging of the brick facade on the second story was left undisturbed, helping create a vintage appearance.
Mr. Stough, a heating and air-conditioning professional, hired subcontractors for most of the work. Careful selection of contractors helped him renovate the buildings at a reasonable price, he said.
Also, he was able to snag the first of the two buildings for $20,000. "If I paid $200,000 I would have had to ask so much that I'd still be sitting on them."
Contact Gary Pakulski at:
gpakulski@theblade.com
or 419-724-6082.
