City Looks to Convert Municipal Space into Business Condominiums to Address Debt and Ongoing Costs

It’s amazing how many situations exist that the condominium structure can be used to successfully rehabilitate developments.

The city of Lorain, Ohio, is looking to convert some of its municipal space into business condominiums and then sell them. They space, the St. Joseph Community Center is woefully underutilized – with almost 2/3 of the building vacant. By converting municipal space into business condos, they can sell part of the building (reducing outstanding loans to the state level) and generate condominium contributions to the maintenance.