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Tony Troppe renovating historic Kaiser Building for use as cafe, offices across from Canal Park
By Betty Lin-Fisher
Beacon Journal staff writer
POSTED: 06:22 p.m. EDT, Jun 10, 2009
A downtown Akron building whose last owner lost it to foreclosure after a failed attempt to sell it on eBay is getting new life under the eye of historic building renovator Tony Troppe.
Plans call for the Kaiser Building, across from Canal Park on South Main Street, to have a cafe or store in two slots on the first floor, offices on the second floor and a mix of offices and loft apartments on the third floor.
''I did not like that vacancy across the street from the ballpark,'' said Troppe, who has renovated several historical buildings in downtown Akron. ''I felt for some time that a building of that stature should be brought back.''
Troppe said he wants to create ''a positive node of knowledge workers,'' referring to downtown workers and students who soon will be living at the 22 Exchange Place project a few hundred feet away. He believes they will be looking for places to hang out, eat and work.
The building, believed to have been built in 1877, formerly housed a German-American Family Club and had a grand ballroom on the third floor with 18-foot-high ceilings.
Troppe envisions a world-cafe type of eatery on part of the main floor, with coffee, beer, food and live music. He also wants to create an outdoor eating area on a brick patio to the side or possibly a drive-through window. Troppe said he is in discussions with potential tenants and might run the cafe on his own, similar to Mocha Maiden on Maiden Lane off East Market Street.
Troppe, with private investors under the name Kaiser Hall Revival Group, bought the building from the mortgage lender after a sheriff's sale for $365,000, according to public records. They have financed the project through Portage Community Bank.
The building's previous owner, Jeremy Caudill and his company, JJC Investors Inc., had purchased it in 2005 for $650,000. But Caudill was unable to renovate the building or sell it, including an unsuccessful listing on eBay, before losing it to foreclosure for delinquent taxes and back payments to the lender.
The building, at 323 and 325 S. Main St., needed a lot of internal demolition, Troppe said. Crews began in March, and Troppe hopes to have the first floor done and open for business by fall.
The block is part of a historical district, and Troppe said he is working to get the building listed on the National Register of Historic Places.
The building has qualified for historical tax credits, which has helped keep the renovation costs down, he said.
''You can't build 18,000 square feet on Main Street for under $5 million. We'll have maybe $1.5 million to $1.6 million and bring back 18,000 square feet,'' he said.
While the building will highlight the historical features, it will also have all of the state-of-the art technology and energy efficiencies of a modern building, he said.
Jerry Egan, comprehensive planning manager for the city of Akron, said, ''Tony has proven in many examples downtown that he knows how to create a first-class project in some of our oldest and distressed properties and find true value in properties that are part of our historical heritage.''
Said Troppe of the former Kaiser Building: ''It needed a little tough love.''
Betty Lin-Fisher can be reached at 330-996-3724
or blinfisher@thebeaconjournal.com.
A downtown Akron building whose last owner lost it to foreclosure after a failed attempt to sell it on eBay is getting new life under the eye of historic building renovator Tony Troppe.
Plans call for the Kaiser Building, across from Canal Park on South Main Street, to have a cafe or store in two slots on the first floor, offices on the second floor and a mix of offices and loft apartments on the third floor.
''I did not like that vacancy across the street from the ballpark,'' said Troppe, who has renovated several historical buildings in downtown Akron. ''I felt for some time that a building of that stature should be brought back.''
Troppe said he wants to create ''a positive node of knowledge workers,'' referring to downtown workers and students who soon will be living at the 22 Exchange Place project a few hundred feet away. He believes they will be looking for places to hang out, eat and work.
The building, believed to have been built in 1877, formerly housed a German-American Family Club and had a grand ballroom on the third floor with 18-foot-high ceilings.
Troppe envisions a world-cafe type of eatery on part of the main floor, with coffee, beer, food and live music. He also wants to create an outdoor eating area on a brick patio to the side or possibly a drive-through window. Troppe said he is in discussions with potential tenants and might run the cafe on his own, similar to Mocha Maiden on Maiden Lane off East Market Street.
Troppe, with private investors under the name Kaiser Hall Revival Group, bought the building from the mortgage lender after a sheriff's sale for $365,000, according to public records. They have financed the project through Portage Community Bank.
The building's previous owner, Jeremy Caudill and his company, JJC Investors Inc., had purchased it in 2005 for $650,000. But Caudill was unable to renovate the building or sell it, including an unsuccessful listing on eBay, before losing it to foreclosure for delinquent taxes and back payments to the lender.
The building, at 323 and 325 S. Main St., needed a lot of internal demolition, Troppe said. Crews began in March, and Troppe hopes to have the first floor done and open for business by fall.
The block is part of a historical district, and Troppe said he is working to get the building listed on the National Register of Historic Places.
The building has qualified for historical tax credits, which has helped keep the renovation costs down, he said.
''You can't build 18,000 square feet on Main Street for under $5 million. We'll have maybe $1.5 million to $1.6 million and bring back 18,000 square feet,'' he said.
While the building will highlight the historical features, it will also have all of the state-of-the art technology and energy efficiencies of a modern building, he said.
Jerry Egan, comprehensive planning manager for the city of Akron, said, ''Tony has proven in many examples downtown that he knows how to create a first-class project in some of our oldest and distressed properties and find true value in properties that are part of our historical heritage.''
Said Troppe of the former Kaiser Building: ''It needed a little tough love.''
Betty Lin-Fisher can be reached at 330-996-3724
or blinfisher@thebeaconjournal.com.
Comments
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Posted 08:04 PM, 06/10/2009
Whether this works or not, Troppe is one of the few people who (1) believe in the City of Akron and (2) put their money where thier mouth is. Good luck to him.
Highland Square, OH
Posted 08:45 PM, 06/10/2009
So much for an arena there. Good news still. Now this puts more pressure on the University to put an arena on campus..which is even better!
Well, Bilbo, ya dodged a bullet there, eh?
Highland Square, OH
Posted 08:46 PM, 06/10/2009
Also, notice how he insinuates that one of his main motives was to make a better environment for the students living there. UA is helping his city in so many ways--directly and indirectly.
Canton, OH
Posted 09:14 PM, 06/10/2009
sweet. . .
North Hill, OH
Posted 10:18 PM, 06/10/2009
I believe this building is one block away from the (supposed) proposed site of the downtown arena, which would occupy the same block as the Mayflower Hotel, between State and Buchtel on the North and South, and between Main and High on the East and West.
akron, oh
Posted 08:30 AM, 06/11/2009
Does anybody have any links for this proposed arena?
Akron, OH
Posted 09:29 AM, 06/11/2009
I was under the impression that everythin' from the Mayflower, south to Exchange was part of the arena complex plans.
Should that be correct, then Troppe will make out like a bandit. But it might raise some questions about collusion.
The arena is a proposal is considered in the drawin' board stage, there won't be a link for it.
Akron, OH
Posted 09:30 AM, 06/11/2009
Wonder how what tax incentives the City will offer Tony just like his numerous other properties? Wonder if this will fare like his failed Hickory St project that has yet to sell ONE house.....or his Firehouse Station that sits practically empty w/ NO Italian Restaurant that he wowed the ABJ with promises of YEARS ago....or will sit empty like the Gothic building at the corner of High and Mill.....or have numerous numerous empty office spaces like his other downtown buildings including the Chemtress Building or the United....... Take a look for yourself at the LOW taxes Tony pays in our story we ran 4 years ago at www.akronwatch.org
Akron, OH
Posted 10:17 AM, 06/11/2009
The ABJ should do a story on what YOU are reporting, AkronWatch. Oh, wait, that would be responsible reporting, something the ABJ is lacking.
Akron, OH
Posted 10:41 AM, 06/11/2009
Come Original Jason- where are you at on THIS story??? www.akronwatch.org
Akron, OH
Posted 11:14 AM, 06/11/2009
Given Tony's track record with th historic district on the edge of market street, I'm really excited to see how this turns out. This is a wonderful idea - props to you Tony!
Hilton Head Island, SC
Posted 11:17 AM, 06/11/2009
l.r. why didn't you buy this??? It was a steal....
Akron, OH
Posted 11:44 AM, 06/11/2009
Troppe = master of OPM
Paradise, Oh
Posted 01:23 PM, 06/11/2009
There will come a day when Akron is known as "the Paris of Summit County."
Akron, OH
Posted 01:45 PM, 06/11/2009
OPM= Other peoples money?
