–by Sylvania AdVantage Staff
PUBLICATION DATE: Jan 08, 2019
The SOMO Flats planned for Sylvania has secured $36 million for development of the mixed-use project. The Toledo Lucas County Port Authority and a consortium of local financial institutions, lead by Waterford Bank, N.A., will provide the funding for the project.
“Waterford Bank is headquartered in and deeply involved in the Sylvania community. We are thrilled to be part of this exciting project that promises to add important new investment into the city,” said Andrew Maher, senior vice president for Waterford Bank.
SOMO Flats will provide luxury residential residences in proximity to restaurants, businesses and retails shops in the heart of downtown Sylvania. The project developer is SOMO MF Partners, LLC, a joint venture between Sylvania-headquartered Republic Development LLC, and Carmel, Ind.-based, J.C. Hart Company, Inc. These established partners specialize in creating unique residential communities in locations throughout the Midwest, many featuring mixed-use elements.
SOMO Flats will consist of 206 luxury apartments with under building parking, elevators in both the west and east buildings, unique one-, two- and three-bedroom floor plans, and feature many premier amenities including storage lockers, an outdoor pool and a fitness area.
“The SOMO project is special and will add energy to the array of activities taking place in downtown Sylvania today. The restaurants, shops and businesses located there should all benefit, as will the new residents of SOMO Flats,” stated Richard L. Arnos, president of Republic Development, LLC.
City of Sylvania officials are excited about the SOMO Flats providing opportunities for residents to live in downtown Sylvania. “We are confident that the SOMO Flats will serve as a transformational project in our downtown corridor,” said Mary Westphal, president of Sylvania City Council. “The new life and energy brought to our community through these luxury apartments will complement the high-quality lifestyle and family friendly environment that makes Sylvania the best place in northwest Ohio to live, work and play.”
The J.C. Hart Company owns and manages more than 5,500 market rate luxury apartments. John C. Hart, Jr., president, said, “We are excited to be moving forward with the SOMO site in Sylvania. We see a trend all across the country where millennials and aging baby boomers are attracted to the urban core of their communities and a lifestyle that affords a live, work, play environment within an easy walking distance to their home.”
Construction is set to commence in 2019, with the first residences available in early 2020. Rents are expected to range from $980 for a studio to $2,340 per month for a three-bedroom, two-and-one-half bath residence.