OAQDA Issues $14 Million in Bond Financing to Support Gateway Lofts Development and Middletown’s Continued Growth

FOR IMMEDIATE RELEASE
November 10, 2026

Media Contact: Lindsey Sanders
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OAQDA Issues $14 Million in Bond Financing to Support Gateway Lofts Development and Middletown's Continued Growth

COLUMBUS - The Ohio Air Quality Development Authority (OAQDA) has issued $14 million in bond financing for Gateway Lofts Middletown LLC, supporting energy-saving improvements to a significant new housing development that is part of the City of Middletown's broader vision for economic growth and revitalization.

Located at a highly visible site along the I-75 corridor, Gateway Lofts will help advance the city's plans for Renaissance Pointe, which include attracting new residential development, entertainment, and retail opportunities. OAQDA is serving as a state financing partner, working alongside the City of Middletown, Hallmark Communities, and First Commonwealth Bank to help make the development economically viable while incorporating energy-saving building features.

Developed by Columbus-based Hallmark Communities, Gateway Lofts will feature 288 modern apartment homes across seven three-story buildings on just over eight acres at 3701 Middle Drive. The city has been closely involved in planning the project and working with the developer to move it forward, including approving a drainage easement across city-owned property to support site development.

The broader development agreement also includes local payments structured to help balance the cost of city services with the incentives needed to make the project economically viable. Hallmark Communities is also working with the Warren County Port Authority on a separate bond structure for portions of the development not covered by OAQDA's financing.

Working together, state and local partners are aligned on adding new housing options to support Middletown's continued growth and help attract additional investment to the surrounding area.

"Gateway Lofts will bring 288 new homes to Renaissance Pointe and help open the door for more retail, entertainment, and investment nearby. We appreciate the state's partnership in helping make this project possible and look forward to seeing it move ahead," said Middletown Mayor Elizabeth Slamka.

"We're excited to be investing in Middletown and bringing new housing and new opportunities to a community with tremendous potential," said Will Kirk, president of Hallmark Communities. "Gateway Lofts is an important project for Hallmark Communities, and we're proud to be bringing it to such a prominent location in the city. We believe this development will be a strong addition to Middletown and look forward to seeing it come to life."

"Gateway Lofts is a strong example of how state and local partners can work together to support meaningful investment in Ohio communities," said Christina O'Keeffe, executive director of OAQDA. "By helping make this development possible, OAQDA is supporting Middletown's broader economic development goals while ensuring the project incorporates energy-saving measures that will lower costs, reduce energy use, and create lasting value for residents."

"Middletown's future is bright, and Gateway Lofts is another important step in the city's continued revitalization," said State Representative Michelle Teska (R-Clearcreek Twp.). "By expanding housing opportunities, creating jobs, and encouraging additional private investment, this project will help strengthen the local economy and build momentum for even greater growth along the I-75 corridor."

"Gateway Lofts is an investment in Middletown's future," said State Senator Steve Wilson (R-Maineville). "This development expands housing opportunities, supports continued economic growth, and reflects the kind of thoughtful investment that will strengthen our community for years to come."

The project financed by OAQDA includes energy-saving technologies such as improved insulation, windows, LED lighting, and upgraded, highly efficient HVAC. These improvements are expected to reduce the building's energy use by 18.5% compared with the Ohio Building Code baseline, equivalent to more than 524,000 kilowatt-hours annually, and save about $84,000 each year in utility costs. The project is also expected to create 5 permanent jobs, 160 construction jobs, and generate more than $35 million in economic impact.

Through its Clean Air Improvement Program (CAIP), OAQDA selected and validated the expected performance of this project and works to remove financial barriers to projects that support economic development and community growth. By providing financing for energy-saving improvements, the program helps make new development and investment possible while reducing operating costs, lowering energy use, and creating long-term value for Ohio communities.

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The Ohio Air Quality Development Authority (OAQDA) is an independent state agency that partners with cities, counties, and other municipalities across the state to stimulate job growth, drive economic benefits, and improve community health through financing air quality projects. OAQDA's primary activity is to further economic development in Ohio by providing financing and incentives for projects that cause a reduction in air emissions, regardless of whether the project uses coal, natural gas, oil or another resource type. Since its creation in 1970, OAQDA has issued more than $6 billion in revenue bonds for air quality projects to help Ohio employers achieve energy cost reductions and improve air quality. For more information about OAQDA and its services, please visit ohioairquality.ohio.gov.