City of Toledo announces new development at North Towne Mall site
TOLEDO, Ohio — Toledo Mayor Wade Kapszukiewicz has announced the city of Toledo will sell the former North Towne Square Mall site to NorthPoint Development, which intends to build a new industrial park. The developer plans to invest $70 million to build two industrial buildings totaling 862,000 square feet. NorthPoint expects to break ground on a 300,000 square foot building in the spring of 2022.
Legislation will be presented to Toledo City Council next week, authorizing the city to enter into a purchase and sale contract with NorthPoint for the sale and redevelopment of the property. NorthPoint will purchase the entire 60-acre site for the market value of $45,000 per acre. In exchange for the proposed investment and job creation, the city is proposing to offer a community reinvestment area tax exemption on the increase in real property taxes as a result of the new development.
The North Towne Square Mall opened in 1980 and closed in 2005. Between 2005 and 2010, the structure became a neighborhood nuisance and was later acquired and demolished by the city in 2011 through state and federal funding. Due to issues primarily pertaining to the property’s title, the site has remained vacant for nearly 17 years.