People living in the Toledo, Ohio, area may be interested in this recent real estate news. The Lucas County Land Bank is working to facilitate the sale of the 99-year old Ohio Theatre to the Children’s Theatre Workshop.
According to The Blade, the building is the last of its kind; it was formerly owned by United North Corporation, a community development corporation that previously served North Toledo. The theater was placed in receivership by the courts after United North shut down. Now, CTW wants to buy the building and move from the Collingwood Arts Center. The new theater location will also provide another entertainment space for Toledo artists.
The Land bank has become a suitable partner because of its history of being able to buy problematic real estate. They can accept the property in lieu of foreclosure and can help facilitate the new sale to the theater education non-profit CTW, founded in 1954.
The Land Bank has made it a mission to save some historical buildings. This building is almost 100 years old and is located in a neighborhood that also is part of history. It will be the home of CTW as well as a rental space for other artistic performances.
CTW plans on restoring the Ohio Theatre marquee, which was damaged during a storm. This will be with fundraising done before the 100th anniversary.
When residents and business owners need help navigating the details of real estate law, it might be in their best interests to consult with an attorney versed in this field. Whether it’s a home, business or other property, it is important that all the particulars are handled legally and professionally.
