Content area
Full Text
Downtown Toledo suffered another setback with a recent court filing. In mid-February, an action for foreclosure was filed against Hillcrest Apartments LLC in downtown Toledo. The former Hillcrest Hotel was converted into an apartment building in 1999 with 106 units.
Hillcrest Apartments LLC, the building owner, is an Ohio limited liability company. The Lucas County Auditor's office shows the mailing address for this property as The Alexander Company in Madison, Wisconsin.
In August 1998, The Alexander Company began a restoration and development of the historic hotel structure. The restoration project was estimated to cost over $12 million dollars and construction was completed in November 1999. The 106 apartments are comprised of a mix of one, two, and three-bedroom units. The first floor of the building was set up for use by commercial tenants and building management.
The City of Toledo assisted the project by issuing a revenue bond financing in March 1998. Mayor Carty Finkbeiner praised the project at the time for helping to lead a revitalization of the downtown area. He previously...