Residential Development

Zeis Development investing $10 million in condominiums

Up to 48 units to be built in three locations

This picture shows an example of a condominium unit that Zeis Development recently constructed, which will be similar in look to many of the units the company is planning to construct soon.

TIFFIN, OHIO – Sept. 14, 2020 – Zeis Development is announcing today that it will be constructing up to 48 condominium units in Tiffin at three sites across the city. The total project cost is anticipated to be an investment of $10 million for new residential housing development.

Zeis Development is currently working to clear woods and constructing infrastructure for 28 units that will be built on eight acres of land on Euclid Avenue, near the Seneca County Fairgrounds. Each unit is to be about 1,400 square feet and have two bedrooms, two bathrooms, a two-car garage and a full basement. These units are expected to be priced below $200,000.

A second phase of the project includes up to eight condominium units on Greenfield Street, with construction expected to begin in the fall of 2021. These will be similar to the units on Euclid. A third phase includes 13 higher-end models to be built on the south side of Tiffin.

This map shows locations of condominium units to be constructed along Euclid Avenue.

Rich Zeis, owner of Zeis Companies, said, “Tiffin is growing and there is a real need for more housing in our community. I’m happy that we’re able to help meet this need.”

Tiffin Mayor Aaron Montz said, “The results of the city-funded housing study released last year show there is a significant need for more residential development in the City of Tiffin. I’m excited to see that Rich Zeis is investing in the community and providing quality housing options for our residents.”

Additionally, Zeis Development is to expand North 53 Storage, 995 N. Sandusky St., with an additional 60 units — including some climate controlled units — and an office space. The 11,000 square foot addition is a $500,000 investment to accompany the existing 200 units at the site.

About the Tiffin-Seneca Economic Partnership

Started in 1983 as the Seneca Industrial and Economic Development Corp. (SIEDC), the Tiffin-Seneca Economic Partnership is a private, non-profit corporation dedicated to driving positive economic, downtown, and community development in Tiffin and Seneca County, Ohio, which consistently ranks among the top communities nationally for economic development. Learn more about the great things going on in Tiffin and Seneca County at http://www.tiffinseneca.org.

Tiffin ranked among most budget-friendly cities in the country for renters

Information provided by LendEDU

According to website LendEDU, the City of Tiffin has been nationally recognized by LendEDU as one of the most budget-friendly cities in the country for renters.

Using real estate data deriving from the U.S. Census Bureau on more than 25,000 American cities, LendEDU ranked each city according to its rent-to-income ratio, or the proportion of a city’s median household income that goes to annual rent costs (including utilities). A lower percentage was more favorable.

Tiffin had an average annual rent cost of $8,712 and a median household income of $48,010 for a rent-to-income ratio of 18.15%. It is generally recommended that a renter’s rent should cost no more than 30% of their annual income, so these numbers speak to Tiffin’s proximity to high-paying jobs relative to the affordable housing in the area.

Tiffin’s low rent-to-income ratio ranked #439 in the country and #41 in the state of Ohio.

According to LendEDU, the cities and towns featured in this report, like Tiffin, are great places for young adults to rent an apartment or home in because the availability of high-paying jobs makes rent only a small portion of their budgets, which means the opportunity to save will be there for the taking.

NRP Group closes on Phase II of Tiffin Pointe, Tiffin’s largest multifamily housing development in over a decade

The NRP Group will bring 60 new workforce family housing apartment homes to existing development, located within close proximity to employment, shopping, and community services

An artist’s rending of what the second phase of Tiffin Pointe, be located at 1692 West Market Street, could look like. This image is not a final design.

TIFFIN, OHIO – April 1, 2020 – Following the completion of its first phase in 2018, The NRP Group, a vertically-integrated, best-in-class developer, builder, and manager of multifamily housing, announced today it closed on the purchase for the second phase of Tiffin Pointe Monday, March 30, 2020. The project will be located on 7.5 acres at 1692 West Market Street, and construction is expected to be complete by the end of 2021.

The Tiffin Pointe project will feature up to 60 one-, two- and three-bedroom townhomes and will utilize the existing fitness center, playground and other community center amenities. Homes will have open floor plans, multiple bathrooms, modern appliances, and security systems. There will also be onsite management to oversee the property and work directly with residents to assist them in connecting with local, state, and federal resources.

The project was able to utilize the Housing Tax Credit Program through the Ohio Housing Finance Agency and could move forward with that funding thanks to a community reinvestment area agreement approved by Tiffin City Schools Board of Education and Tiffin City Council. The NRP Group expects to be at 95 percent occupancy within 6 months of opening and will own and manage the property for 15-30 years.

The NRP Group completed the $9.1 million first phase of Tiffin Pointe in 2018. The project included construction of 52 two-, three-, and four-bedroom townhomes situated in three, three-story buildings along with a community clubhouse. The building is at full occupancy.

“We are thrilled to move forward with Phase II of Tiffin Pointe,” said Aaron Pechota, Senior Vice President of Development at The NRP Group. “These 60 new homes built on the existing foundation we’ve established with Tiffin Pointe, and align perfectly with our mission of creating exceptional housing opportunities for individuals and families, regardless of income.”

Tiffin Mayor Aaron Montz was pleased by the news. “The results of the housing study completed in 2019 show that there is a need for affordable apartments in the City of Tiffin, and The NRP Group has stepped up again to provide a beautiful project that will benefit so many people looking for a place to call home.”

About The NRP Group

The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has delivered more than 33,000 apartment homes, and currently manages over 20,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income. Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market-rate, affordable, and senior housing. As a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and recognized Top 25 Developer by Multifamily Executive, NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.

About the Tiffin-Seneca Economic Partnership

Started in 1983 as the Seneca Industrial and Economic Development Corp. (SIEDC), the Tiffin-Seneca Economic Partnership is a private, non-profit corporation dedicated to driving positive economic, downtown, and community development in Tiffin and Seneca County, Ohio, which consistently ranks among the top communities nationally for economic development. Learn more about the great things going on in Tiffin and Seneca County at www.tiffinseneca.org.

City of Tiffin releases results of housing study

Report finds market for up to 450 new housing units in area

TIFFIN, OHIO – June 25, 2019 – In order to determine the kind of housing needed and attract developers to the area, the City of Tiffin has released the results of a months-long housing study. The report, “Tiffin Housing Opportunities Analysis,” is based on analyses of the housing market within the Tiffin market, area demographics, and a survey to existing and potential residents. Housing site opportunities also were identified through multiple field trips to the Tiffin area to review sites and interview local stakeholders.

The study was conducted by Dublin, Ohio-based DiSalvo Development Advisors (DDA), funded by the City of Tiffin and managed by Tiffin-Seneca Economic Partnership. It is DDA’s opinion that in the next three years a market exists for 330 to 450 new housing units in the Tiffin area. Eight potential development site examples were identified.

According to DDA, the Tiffin market represents one of the most underserved housing markets in Northwest Ohio. The lack of rental and for-sale housing development has resulted in an extreme shortage of housing that prevents prospective homeowners and renters from moving into the area. Growth in the labor pool and spending power for the local businesses is constrained without available housing. Among 18 rental properties surveyed, only two units were vacant. At the time of this writing, there were just 30 homes listed for sale (above $50,000) that were not pending, and no condominiums were listed for sale.

Also as part of the study, an online housing survey was responded to by 600 people in March and April 2019. Of the 600 respondents, 496 (82.7 percent) indicated that they or a family member work in Tiffin. Eight out of 10 respondents indicated parkland was the most important amenity proximate to a residence for owners and renters. Proximity to retail and workplace were the second and third most important amenities.

The survey also showed that eight of every 10 respondents indicated they were very or extremely familiar

with the business offerings in downtown Tiffin. Respondents were asked to choose their top three businesses/venues they would like to see, which were a bakery, indoor farmer’s market and a family recreation venue (e.g. arcade, bowling, movies, etc.). It is important to note that the desire by the

respondents for certain business types in the downtown does not indicate that the market will support such businesses.

Tiffin Mayor Aaron Montz commented: “The results of this survey are clear – there is a need for new housing development in the City of Tiffin. With so many great things happening in our community, this need must be addressed if we want to see continued growth.”

To view the report, visit tiffinseneca.org and search for “Tiffin housing study” or click here.

About the Tiffin-Seneca Economic Partnership

Started in 1983 as the Seneca Industrial and Economic Development Corp. (SIEDC), the Tiffin-Seneca Economic Partnership is a private, non-profit corporation dedicated to driving positive economic, downtown, and community development in Tiffin and Seneca County, Ohio, which consistently ranks among the top communities nationally for economic development. Learn more about the great things going on in Tiffin and Seneca County at http://www.tiffinseneca.com.

City of Tiffin launches housing survey

Study enters next phase as city faces housing shortage

TIFFIN, OHIO – March 19, 2019 – The City of Tiffin and the Tiffin-Seneca Economic Partnership announce today that they have officially opened an online housing survey to determine the market demand for housing. The survey is part of a City-funded study to determine what kind of housing is most needed and to attract developers to create that product. The survey can be found at tiffinsurvey.com and is expected to be open for until the end of April.

Understanding from local realtors and newcomers to the community that the housing supply has not been able to meet the current demand, the Tiffin-Seneca Economic Partnership convened a committee of local realtors, builders, mortgage lenders, city council and administration members and plans were put together to interview multiple research firms. Dublin, Ohio-based DiSalvo Development Advisors was selected and hired at the end of last year.

The first phase of the study has unofficially revealed that there are about 60 homes for sale in the Tiffin market, and a recent apartment survey of 19 projects and more than 800 units showed there were just 3 vacancies. That is a 0.4 percent vacancy rate, compared to a healthy market which is considered 5 percent vacancy. The survey is the next step in the study process. It will be marketed to the general public, and TSEP will be working with local employers to distribute to their employees.

Tiffin Mayor Aaron Montz said he welcomes the findings that the survey may bring. “My office regularly gets requests about housing needs within the city. We hope that the information gathered from this study can be used to sell Tiffin to developers for commercial projects and new housing opportunities. It’s a key part of our overall community and economic development strategy.”

Questions in the survey range from the types of home people are interested, prices and locations within the Tiffin area they would be interested in relocating to. In addition, there are questions related to the types of businesses that people would like to see in Tiffin.

About the Tiffin-Seneca Economic Partnership

Started in 1983 as the Seneca Industrial and Economic Development Corp. (SIEDC), the Tiffin-Seneca Economic Partnership is a private, non-profit corporation dedicated to driving positive economic, downtown, and community development in Tiffin and Seneca County, Ohio, which consistently ranks among the top communities nationally for economic development. Learn more about the great things going on in Tiffin and Seneca County at www.tiffinseneca.org.