ImpactAlpha, November 9 – A factory in downtown Toledo, Ohio that once produced Twinkies and white bread will be converted to a mixed-used development with $4.7 million in financing from Local Initiatives Support Corp.’s ProMedica-LISC Health Impact Fund.
The long-vacant Wonder Bread and Hostess factory sits in a historic and low-income district of Toledo. The redeveloped site will add 33 rental units and 4,000 square feet of commercial space.
ARK Development, a Black- and women-led real estate firm that acquired the 96-year-old factory in 2017, is managing its redevelopment.
The City of Toledo, Finance Fund, the Lucas County Land Bank and historic tax credit investors chipped in $2.8 million alongside LISC’s commitment.