ProMedica, the largest employer in the Toledo metropolitan area, is a nonprofit healthcare organization serving Northwest Ohio and Southeast Michigan. On August 31st, many community leaders, partner organizations and ProMedica staff and clients gathered to celebrate the rehabilitation of the 119,400 sq. ft., Daniel Burnham designed, historic and long-abandoned steam plant and the former KeyBank building that will now serve as ProMedica’s consolidated corporate headquarters on the banks of the Maumee River in downtown Toledo.
The ProMedica Headquarters is only part of a broader downtown campus development created to relocate nearly 1,000 ProMedica employees from 20 locations around the Toledo suburbs. This is the largest influx of jobs that downtown Toledo has seen in decades. Anchored by the beautifully restored and repurposed former steam plant, the new downtown campus includes a seven story parking garage, a city park along the river filled with artwork and a large screen that broadcasts local events as well as renovations to the top three floors of the nearby Key Bank building. The campus was carefully designed to enable ProMedica’s employees feel more connected with one another and with the downtown Toledo community.
“The move downtown has not only been great for Toledo aesthetically and financially, but it has definitely improved my efficiency as an employee,” said James K. McGhee, ProMedica’s Director of Operations.
“The foundation of my job is based on constant collaboration with others, this move put me in the same location as people I used to spend hours communicating with through email and phone calls, now I get to have quick or not so quick conversations to address concerns or seek clarity. I really appreciate the work that went into creating an “open” environment that isn’t as distracting as I thought it might have been prior to the move.”
This amazing project will spur economic growth by creating 600 new full-time jobs in the first five years and retaining 900 full-time jobs, resulting in a high demand for housing, shopping and dining in downtown Toledo. Since 2015, more than a half-a-dozen restaurants have opened in the area and are anticipating a surge in business.
Finance Fund partnered with Northwest Ohio Improvement Fund, LLC, an affiliate of the Toledo Port Authority to deploy $8,000,000 of federal New Markets Tax Credit (NMTC) allocation to the project. Stonehenge Community Development Corporation provided an additional $5,000,000 of federal and $2,564,103 of state NMTC allocation and U.S. Bancorp, the investor, provided an additional $2,000,000 of federal NMTC allocation to the project. Rebuilding downtown Toledo through this project simply would not have been possible without NMTC financing.