Historic Castle Block
The Borsukoff | Neece Real Estate Group, a real estate developer in Northeast Ohio, recently purchased and have announced plans to redevelop the “Castle Block” property on Center Street in Downtown Ashtabula. BNRE acquired the property from The Morrison Family Trust, the long-time owner of the property. BNRE worked closely with Mary Wehle, The Morrison Family Trustee, to successfully close the transaction. The group has already started the process of listing the property on the National Register of Historic Places, obtaining state and federal historic tax credits, and has applied for a Pipeline Grant with the Ohio Department of Development.
The Castle Block was built by Henry Lawton Morrison in 1898. Henry was a dry goods merchant who was a founding director of the Farmer’s National Bank and the PY&A Railroad. He also served four terms as mayor. Henry occupied various buildings on Main Avenue before constructing the Castle Block on Center Street. He named the building after his wife, Nancy Pamela Castle. The property has been managed by Morrison heirs ever since.
This redevelopment project will be multi-phased and include new apartments, renovation of the retail space, demolition of an existing house, and parking lot and site development.
BNRE is no stranger to developing complex historic tax credits projects of this sort. The same group is responsible for developing the Historic Hotel Ashtabula into Signature Health and owns the building through its 4726 Main Avenue LLC affiliate. This 55,000 square foot historic adaptive reuse rehabilitation project is the largest in Ashtabula County’s history. Last January, BNRE completed the adaptive reuse of the Historic Mentor Village Hall. The building is now home to an accounting firm.
Charles (Chuck) Borsukoff says “Our group is already invested in downtown Ashtabula and own multiple properties, including the Hotel Ashtabula building in downtown. We are pleased to embark on this new development and be part of the resurgence of downtown.”
“Historic rehabilitation and adaptive reuse projects were some of our first development projects and continue to be an important part of our real estate development activities” explains Shawn Neece. “We look forward to continuing our development activities in Ashtabula.”