Victoria Place Owners Receive $1M JobsOhio Grant for Redevelopment

On August 20, JobsOhio, the state’s private economic development corporation, announced Painesville’s 191,000 SF downtown building, Victoria Place, as a recipient of their Vibrant Community Grant Program. The building’s owners, Renew Partners LLC, will receive $1 million in assistance to help redevelop the site and serve as a catalyst to spur future investment in the community.

“We are excited to have been awarded this grant. These funds are instrumental to our development plan of updating and reactivating this building in order to retain our existing tenants and also attract new corporate tenants,” said Warren Vickers, Partner at Renew Partners. “Once complete, we believe our project will provide tremendous job creation for both the City of Painesville and the State of Ohio.”

Renew Partners purchased Victoria Place in November 2019 and plan to invest an estimated $14.2 million to redevelop the mixed-use property including 52,000 SF of office space. The awarded grant monies will go toward the complete build out of office space with a deadline of December 2026.

“This grant is the result of successful collaboration between the City, our legislators, JobsOhio and private business working together to make a significant change in our community,” said Doug Lewis, Painesville City Manager. “Combined with the investment Renew Partners is making in Painesville, the new TIF district established in the downtown, and the former Chase Bank building redevelopment project, we are well on our way to seeing a significant positive shift in downtown Painesville.”

More About the JobsOhio Program
As part of their Vibrant Community Grant program, JobsOhio identified 98 communities with populations between 5,000 and 75,000 and poverty rates that are at or above the state’s average poverty rate of 14.6% as eligible to submit proposals for JobsOhio consideration. The program recognizes that distressed communities often do not have adequate resources to develop and implement economic development projects that can attract private investment and create new jobs in the community.

“Across our state, many cities require investment to further advance key economic development projects that can serve as a catalyst in their post-pandemic recovery. Through this first round, the cities of Van Wert, Sandusky, Coshocton and Painesville will realize this goal, serving as an example of how public-private partnerships can spur job creation and revitalization of our beloved downtowns,” said JobsOhio President and CEO J.P. Nauseef. For more information, please visit https://www.jobsohio.com/vibrant-community-program/.