City officials and members of the Champaign Economic Partnership announced on Thursday that work crews would soon start those renovations.
The news follows the release this week of about $13 million in previously approved financing for the project, essentially giving the green light to start the renovation of those buildings, according a news release from the CEP.
That money is a combination of federal and state Historic Tax Credits, low income housing tax credits, an Ohio Housing Finance Agency loan and a construction loan.
The process for securing the funding has been in the works for multiple years and the project is being developed by Flaherty & Collins Properties.
Duane Miller, with that company, said in a news release that apartments in the former school buildings are slated be done and ready to lease by mid-summer. The units in the Douglas Hotel, which has stood vacant since 2004, will be done by the end of 2021.
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