Though the Land Bank’s tools are most commonly used to address the problems of blight in residential neighborhoods, there are times when we can also play an important role in economic development. Today’s exciting news is proof.

As this story in The Blade explains, the Land Bank has sold the Pythian Castle to Water Street Development LLC with the expectation that the 126-year-old historic structure will be rehabilitated and converted into commercial, retail & residential space. This will be a huge win for the community, since one of the area’s most historic structures will not only be preserved, but it will also serve as an economic anchor in a part of Toledo’s downtown that is trying to reinvent itself.

Water Street Development has a unique talent for revitalizing historic structures in downtown Toledo, and the Pythian Castle would be another feather in its cap. Although vacant for over 40 years, the structure is an architectural marvel and one of the most significant structures in the core of our community. The Blade has editorialized that the deal is “worth a try.”

I am excited that the Land Bank could play a role in this economic development project!