The result is the Historic Mercantile Lofts, which has been transformed into 29 residential units and five commercial spaces in the 200 block of High Street.
“It’s a way for people to live, work and play in downtown Hamilton,” Coon said. “We’re creating a downtown community. This is a downtown neighborhood.”
The final phase of the $8.6 million construction project has been completed and half of the residential units and all of the commercial space have already been leased out, he said. Back in its day, the building was a department store and a bank, Coon said.
The three Mercantile buildings, now connected into one expansive building, have a total of 69,000 square feet — 50,000 of that being residential.
“These are renting out quicker than we originally thought they would,” Coon said.
The apartments range in size between 632 and 1,498 square feet, and Coon said no two apartments are alike.
“We focused on three groups who would gravitate to something like this — the empty nesters, the young professionals and the creative class,” he said. “This is exactly what they are looking for.”
Coon’s company, Canton-based Historic Developers, has done similar projects across the state. He said Hamilton officials have been great to work with throughout the project and that he and his partners are looking at other properties to rehabilitate.
The restoration of the buildings earned Coon an award for Best Mixed-Use Rehabilitation from Heritage Ohio in April.
The city purchased the buildings in 2003 after the previous owner planned to demolish the building. After an unsuccessful redevelopment attempt, Coon took over the project.
Funding for the project has been through private investors, federal Community Development Block Grant funds and historic tax credits.
The newest phase of the project included balconies attached to the units and a rounded skylight as part of an open atrium space from the roof to the bottom level.
The buildings also are connected to the Second Street parking garage so residents can have off-street parking.
“Anybody who doesn’t think there’s anything going on in Hamilton should come to Hamilton because they’ll be pleasantly surprised,” Coon said. “I guarantee they’ll fall in love with it.”
Coon said as other cities look at revitalizing their downtowns with various strategies, he said “residential housing has to come first.”
“People want a walkable community and to be part of a neighborhood,” he said. “Give them a cool place to live, and they’ll come here.”
Sean Pederson of the city’s economic development department said the downtown area is bordered by Dayton and Ludlow streets, Monument Avenue and Martin Luther King Boulevard.
While there are few houses in that area, there are two senior housing facilities where people are living. In addition, the proposed Artspace project, located next door to the Mercantile Lofts, will have 35 to 40 residential spaces when that is completed, Pederson said.
In the 2000 Census, there were just under 600 residents living in the downtown area.
“The Mercantile Lofts in downtown Hamilton shows a continued investment in a concentrated area,” said City Manager Joshua Smith. “When you think about what our community has been able to do over the past five years in our downtown, it is truly incredible in a poor economy. The Marriott, Ryan’s Tavern and the Mercantile Project alone constitute almost $20 million in reinvestment.”
Smith said, “it also shows the ability of various Hamilton entities working together — city elected officials, the Hamilton Community Foundation, the Hamilton Area Chamber of Commerce and others.”
Smith praised past and current elected officials for having a vision and sticking to a plan in rough times.
Another plus for the downtown area will be Monday’s groundbreaking of the RiversEdge public park project, which Smith said “is critical to our downtown revitalization.”
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