CONTINUING COVERAGE
We do local best: The Journal-News provides regular updates on the activities of the nonprofit Consortium for Ongoing Reinvestment Efforts (CORE) Fund and Hamilton city government’s property purchases.
July 2014: As CORE Fund grows, director separates for-profit, nonprofit work
Nov. 2014: Hamilton acquires nearly 200 properties in 2-year span
Dec. 2014: With new business openings, Hamilton 'reclaiming downtown'
Feb. 2015: How Hamilton landed largest job announcement in a decade
March 2015: Downtown Hamilton's recovery making strides
April 2015: Hamilton's CORE Fund leads new investment in Main Street area
June 2015: CORE Fund property acquisitions grow
Sept. 2015: Downtown Hamilton grocery store now open for business
Sept. 2015: CORE Fund properties still a hard sell to private investors
Sept. 2015: Major Hamilton Main Street corner is next target for CORE Fund
The former Fifth Third Bank building in downtown Hamilton could be the next vacant space on High Street to be converted into storefronts and business offices, if a private developer goes through with a deal to buy the building from the nonprofit redevelopment entity CORE Fund.
The CORE Fund has received a letter of intent from the developer behind the Historic Mercantile Lofts in the 200 block of High Street to buy the former bank building located at 2 South Third Street, said CORE director Mike Dingeldein.
“We’re talking about a mixed-use reuse, the center of which would be a high-end restaurant on the main floor,” Dingeldein said.
Canton-based Historic Developers and its principal Steve Coon are behind the renovations of the Mercantile Lofts and the former Journal-News building and has partnered on downtown Middletown properties as well.
“They’re happy working with the city and have been successful,” Dingeldein said.
Fifth Third closed a bank branch in the nearly 44,000-square-foot South Third Street building in 2011. It since sold the building to CORE in 2013 for $375,000, according to property records obtained online from the Butler County Auditor's Office.
Coon has not returned calls from the Journal-News seeking comment.
Historic Mercantile Lofts, at 236 High Street, was a past $8.6 million project by Historic Developers to convert three buildings into 29 residential units and five commercial spaces. Commercial tenants include Community Design Alliance, Art Off Symmes, Millikin and Fitton Law Firm, and ACS Title and Closing Services.
The former Journal-News building at 228 Court Street was renovated in a $2.5 million project by Historic Developers into the Butler Tech School of the Arts, Miami Valley Ballet Theatre and the Hamilton City Schools ABLE program. The project finished in mid-2013.
If the newest deal closes, the Fifth Third building would be the first CORE has sold to Coon’s company.
“For a little bit of public leverage, we’re getting lots and lots lots of private leverage,” Dingeldein said.
Launched in December 2012, the Consortium for Ongoing Reinvestment Efforts (CORE) Fund is a private nonprofit that has raised millions from private and public sources to acquire blighted properties and make non-traditional loans to developers for projects in the area of High and Main streets.
As part of September's special Following the Money series, the Journal-News previously reported that the CORE Fund has so far bought nearly 30 residential and commercial properties in the city but only sold one to a city employee. The goal is to restore empty buildings and turn them over to the private sector, but the buildings have proved so far to be a hard sell, officials say.
Discussions are also underway to sell the former Hungry Bunny building owned by CORE at 254 High Street to Sara Vallandingham, owner of Sara’s House, a street-level shop in the same building.
“We want to invest here even beyond our business. We want to bring our home here. We want to bring our taxes here,” Vallandingham said. “I think initially we would be more interested in this being a residential/business space for us.”
Meanwhile, CORE Fund has pending deals to buy more properties in the Main Street area.
Most recently, CORE has sealed a deal to buy the building that housed the now-closed Tom’s Cigar Shop and surrounding properties, Dingeldein said.
Dingeldein expected to close Wednesday on the purchase of 205 Main Street, also known as the Hemmerle Block, which he refers to as CORE's "most significant" acquisition in the Main Street area.
To help fund the purchase and renovation of 205 Main Street, Hamilton city council members approved at their meeting Sept. 23 plans to borrow about $700,000 from the Hamilton Community Foundation. The money will be granted to CORE Fund for the building that housed street-level retailer Mazagan Urban Ware at the corner of Main and South C Street, and an adjacent house. The loan would also cover the costs of buying 9-11 South C Street and demolishing those buildings.
“Our hope is… we’ll do to Main Street what we did to the 200 block of High Street,” Dingeldein said.
CORE also plans to buy 302 Main Street, which houses Hughes Pharmacy.
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