City of Toledo announces new development at North Towne Mall site

North Towne Mall redevelopment (City of Toledo)

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.

--

--

--

🎥 MMJ / Reporter, Anchor🎤 🗞 | Dog lover! 🐾 | Taco. Fanatic. 🌮 | #Vaccinated | IG: @jaden_reports | Story idea? jadenjeffersonreports@gmail.com / DMs

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

What is NEXTPAKK?

More than a quarter of SME businesses knocked back for finance

More than a quarter of SME businesses knocked back for finance

Shipping, Fulfillment and Amazon’s Path of Disruption

Strategy Classic Series: Porter’s Five Forces

Rustbelt Coffee to host ‘Coffee Connections’ this summer, fall

This Week in Mobility № 14

The Democratization of Donations

DataDownload: FTC vs. Facebook

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Jaden Jefferson

Jaden Jefferson

🎥 MMJ / Reporter, Anchor🎤 🗞 | Dog lover! 🐾 | Taco. Fanatic. 🌮 | #Vaccinated | IG: @jaden_reports | Story idea? jadenjeffersonreports@gmail.com / DMs

More from Medium

Michael Paladino of RevUnit: Opportunity is Not a Zero-sum Game

Disrupting for talent

Chess — Fall In Love With Winning The War — Online Super Tutors

To do, or not to do, a to-do list