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Tappan Building

Sector:
Development Projects
Project Assistance:
Opportunity Zone Investment Fund
Project Cost:
$22 million

Sustainable Community Associates is  developing a mixed use building located at 2703 Scranton Road. In order to assist with the project financing, the Developer requested a forgivable loan through the Vacant Property Initiative program. VPI proceeds will go to the demolition, remediation, and build-out of the public space component of the project.

The new $22 million building will be located across the street from the recently restored, Wagner Awning Building. The first floor will feature a bakery, gym, lounge, and amenity spaces at approximately 2,148 square feet. At 4 stories and 95 units, the building is designed to balance Wagner Awning and anchor a southern gateway into Tremont. The units will primarily be studios and smaller 1-bedrooms, complementing the larger 1-bedroom units at Wagner Awning, which are fully leased. Working with PNC Bank to secure Opportunity Zone Equity and project financing, they are able to include a work-force housing component to the project. This has the net effect of keeping 60% of the units at rents $250-300 below competing developments in Ohio City. The project will also create 8 new full-time jobs.

The site is a 1.7 acre former gas station. Once complete, the project will fill in a major vacancy in the center of the historic Scranton Road Corridor that links Metro Hospital’s expanding campus to the new developments on the Scranton Peninsula in the Flats.