Residential apartments are expected to begin leasing in April 2027, according to the Ohio Historic Preservation tax application. AP Development LLC and AP Fairbanks LLC plan to have an affiliate entity, Fairbanks Co-working, which will sublease more than 6,000 square feet of the first floor for co-working space.
“It is anticipated that this co-working space will create 40 full-time jobs within the first twelve months of operation by June 2028,” according to the document.
The nine-story Fairbanks Building was constructed by the Fairbanks Building Co. and was first home to the American Trust and Savings Bank and the Fairbanks Theater and retail and office space. Although most tenants opened in 1907 and 1908, the official grand opening was held in October 1909. At the time, it was the tallest building in the city.
In 2015, it was sold to Robert Hull, who renamed the 72,000-square-foot building the Hull Plaza, in honor of his uncle, former Springfield attorney Anson E. Hull, who once had an office inside the building.
The building was closed in 2023 after notices from the Clark County Combined Health District found it no longer had running water or a working fire suppression system, among other violations.
Hull was found guilty last year of misdemeanor criminal charges of dangerous/unsanitary conditions and violating sanitary facilities required by the Springfield codified ordinances.
The building has remained vacant since 2023.
Renovation plans, which are subject to change, include replacing all windows “with architecturally appropriate styles,” storefronts being replaced, removing black type cladding, and reconstructing the bank entrance door in the same storefront bay as seen in a 1927 photo. There will be some new windows and doors, including eight frosted glass doors with sidelights and transoms to provide more natural light.
On the second floor where some windows were bricked over, new windows will be added. All limestone will remain unmodified except at the storefront location where the entrance will be reintroduced, according to the document.
The roof will be replaced and will not be visible from the ground floor.
According to the document, and “historic integrity” found will be repaired or restored in place, which includes ceilings, flooring, stairs and the elevator lobbies.
According to the application, Springfield city officials are committing to a $450,000 forgivable loan and providing a Tax Increment Financing developer-backed bond to underwrite a portion. Developers are also seeking $644,694 in sales tax savings from the Montgomery County Port Authority.
The total project is estimated to cost almost $28 million.
Developers could not be reached for comment but AP Development LLC President Jonathan Anderson in March told city commissioners that AP Development and Ap Construction primarily redevelop historic buildings throughout Indiana, and the company is branching out. Anderson said Springfield is the first location outside of Indiana, and the team looked at other historic buildings while downtown earlier this year.
According to the application, the rehabilitated building will contribute to “the revitalization of downtown Springfield.”
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