A prominent Toledo-area real estate developer is finalizing the revitalization of a historic manufacturing building with the expectation of attracting new investment and jobs to the community.
IBC Properties announced completing a $10 million revitalization of the former Spicer-Dana manufacturing building on Bennett Road. The 400,000+ square-foot facility has been revamped to accommodate industrial, light assembly, manufacturing and warehousing.
Vice President and CFO of IBC Properties Chris Miller said the vacant facility had been condemned as unsafe. Much of the roof had collapsed, resulting in flooding during heavy rains. The structure itself was a fire hazard with life-safety issues. In general, it was a substantial blight on the community, he said.
“This project will rescue this historic building and put 400,000 square feet back in service. The building is an important keystone on the industrial site playing a central role to providing jobs to the surrounding neighborhood.”
– Chris Miller, Vice President and CFO of IBC Properties
The company received both a grant and loan in support of the project through the Ohio Site Inventory Program (OSIP) provided by JobsOhio. OSIP provides grants and low-interest loans for speculative, job-ready development projects with no identified end user. Its purpose is to fill gaps in Ohio’s real estate inventory with real estate targeting near term sector wins to ensure the state is more competitive for site selection projects. The Regional Growth Partnership helped facilitate the grant and loan to spur development within a dense working-class, residential neighborhood that has long housed the labor force for the surrounding industry.
Underscoring the importance of the OSIP programs, Miller noted the project meets a market need for warehouse and light industrial space in Toledo city limits, with less than 5% of such space available. In addition, the project addresses what was a blighted property, converting it to an asset to the community and neighboring businesses.
“Revitalizing the Spicer Dana Building brings a historic manufacturing facility back online, attracting new opportunity to the community. Restoring industrial space of this size takes strong collaboration, and that hard work will pay off with a modern production space surrounded by world-class manufacturing talent, making it highly valuable for future job creation.”
– J.P. Nauseef, JobsOhio President and CEO
With 35 years’ experience, IBC has redeveloped more than 65 properties in the Toledo area, representing nearly 4.8 million square feet. Renovations on this project have included roof replacement, electrical and lighting replacement with an improved, energy-efficient LED system, environmental remediation, skylight and window repairs, heating upgrades and a new water main.
The building’s original tenant, Spicer Manufacturing Company (later acquired by Dana Corporation) was the first company to create the universal joint, which changed the mechanical function of automobiles from chain to belt-driven technology. The facility played a significant role during World War II, producing wartime necessities such as Jeep axles and tank transmissions. More than 600,000 Jeeps were assembled and shipped to Europe during the course of the war. One U.S. General described the Jeep vehicle as “America’s greatest contribution to modern warfare.”
“This project upgrades the existing building’s aging infrastructure to provide another 30-plus years of productivity,” Miller said. “Through this investment, IBC is preserving Toledo’s automotive history and supporting the next generation of Toledo businesses and job creation.”
Recognizing that magnitude, the State of Ohio awarded a $1.6 million Historic Tax Credit toward the rehabilitation of the building. In addition, IBC received a nearly $2 million Federal Historic Tax Credit through the National Park Service.
“Renovating Spicer Dana Building preserves an important part of Toledo’s rich manufacturing legacy dating back to World War II, and the state of Ohio is pleased to support the revitalization of the site. The refurbished facility will establish an upgraded space for future investment, opening the next chapter of production at the site.”
– Mike DeWine, Ohio Governor
In addition to the Regional Growth Partnership and JobsOhio, IBC worked in close partnership with the city of Toledo and the Toledo-Lucas County Port Authority in moving the project forward.
“The City of Toledo is proud to have partnered with IBC to save and repurpose this long-vacant historic building,” said Brandon Sehlhorst, Director of Economic Development. “This investment not only restores an important piece of Toledo’s industrial legacy but also brings over 400,000 square feet of industrial space back to the market – strengthening our ability to attract new jobs and investment.”
"We are pleased to partner with IBC on the restoration of this historic building by providing PACE financing to support significant energy-efficient upgrades to the facility. Through our nationally recognized BetterBuildings Northwest Ohio program, we help property owners reduce energy consumption and lower operating costs. This project not only preserves a key piece of Toledo’s heritage—it also advances our commitment to a more energy-efficient and sustainable future for our region.”
– Thomas J. Winston, President and CEO of the Toledo-Lucas County Port Authority
About the Regional Growth Partnership
The Regional Growth Partnership is the lead economic development organization serving 17 counties in Northwest Ohio. As a private nonprofit development corporation, the RGP is dedicated to fostering regional, national and international business investment opportunities across the region. The RGP serves as Northwest Ohio’s network partner for JobsOhio. Visit www.rgp.org for more information.
About JobsOhio
JobsOhio, Ohio’s private nonprofit economic development corporation, enhances company growth and personnel development through business attraction, retention, and expansion across ten competitive industry sectors. With a team of seasoned professionals, JobsOhio utilizes a comprehensive network to foster talent production in targeted industries and attract talent through Find Your Ohio. Collaborating with seven regional partners, including Dayton Development Coalition, Lake to River Economic Development, Ohio Southeast Economic Development, One Columbus, REDI Cincinnati, Regional Growth Partnership and Team NEO, JobsOhio delivers world-class customer service to provide companies with a competitive advantage. Learn more at www.jobsohio.com. Follow us on LinkedIn, Twitter and Facebook.