A $2 million grant from the U.S. Department of Housing and Urban Development is giving a big boost to a planned renovation of downtown Toledo’s tallest building. The Fiberglas Tower, former home to Owens Corning, has been vacant since 1996.
The grant is expected to help the project to gain approval for a $10 million federal loan, which is expected to attract private investors to meet the estimated $29.4 million needed for the renovation. The planned rehab for the 30-floor, 400-foot-tall building includes 140,371 sf of office space, a 96-room Marriott Courtyard hotel, and a lobby area with retail and restaurants. A second phase would add 81 apartments. The developer, Eyde Co., aims to begin the renovations in October 2012. The project is expected to create 368 permanent jobs.