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IN THE SPOT LIGHT: Marina District, East Toledo

May 19, 2020: Toledo Mayor Wade Kapszukiewicz, ProMedica President and Chief Executive Officer Randy OostraChairman of Continental Real Estate Co. Frank Kass, and Metroparks Toledo Executive Director Dave Zenk, offered media availability time and a brief tour of the Marina Lofts development in East Toledo on Tuesday, May 19.

The Marina District is a 115-acre redevelopment site located in East Toledo across the mighty Maumee River from Downtown Toledo. For decades, the City of Toledo has been challenged with trying to attract a signature development to the site. In 2017, Continental Real Estate Co. and Metroparks Toledo announced a partnership to redevelop the site into a signature mixed-use project.
 

Marina Lofts – a $50 million mixed-use development that includes 360 class-A apartment units, a clubhouse/restaurant, and roughly 10,000 square feet of retail space – is a revitalization of the area along the Maumee River in East Toledo, also known as the Marina District. Two of the four apartment buildings, as well as the clubhouse/restaurant on the Lofts site are complete, with the remaining buildings opening by July. The project began leasing operations in mid-January and already has close to 100 units leased and/or occupied.

“The Marina District is an example of public-private collaboration that produces transformational development,” Mr. Kass said. “We believe Marina Lofts is the first large-scale, new multi-family development to be built in the City of Toledo in this century. Residential is a critical component of the redevelopment of the riverfront and the Lofts are already attracting residents who want to take advantage of the nearby amenities like the river, parks, restaurants, and hiking and biking paths, and who also want to live close to where they work or the interstate.”

Continental Real Estate Co. is also developing a similarly-designed $50 million complex in West Toledo, in the Colony neighborhood. Legislation for the Colony project was scheduled to be presented to Toledo City Council on Friday, May 22.

The Toledo Plan Commission has already approved plans for two buildings between ProMedica Parkway and Upton Avenue, including 262 apartments. The project also includes a four-story hotel.

“Both of these multi-million-dollar development projects are transformative for the riverfront area of East Toledo and the Colony neighborhood,” Mayor Kapszukiewicz said. “Just like the project in East Toledo created hundreds of jobs, the Colony project will create 300 construction jobs and 105 new full-time equivalent jobs in the restaurant, hotel, and apartments, which has a multiplier effect on our local economy. These are major investments moving forward despite the COVID-19 pandemic right now.

The Marina Lofts development is just one part of the development of the riverfront in East Toledo, which represents a significant investment and improvement of the waterfront property that stretches from the I-280 Bridge to International Park. The city, Metroparks Toledo, and Continental Real Estate Co. continue to jointly work on the development of the riverfront.

Toledo City Council recently approved conveyance of International Park to Metroparks Toledo – resulting in a net savings for Toledo taxpayers through the reduction of maintenance costs such as major infrastructure repairs and grass mowing – to allow the regional park system to improve the property.

Glass City Metropark Phase 1 is currently under construction and is expected to be completed by this fall, while planning for the next phase is already underway. International Park was included in the master plans previously presented at public meetings, and is an essential piece of the future vision for the riverfront. Glass City Metropark and International Park will be connected with a bike/pedestrian bridge over Main Street, which will be completed next spring.

“The plan is based on best practices observed in other benchmark cities of how to redevelop a riverfront and ensure the downtown development momentum continues into adjacent neighborhoods,” said Brandon Sehlhorst, Toledo commissioner of economic development. “We are moving forward with this important project despite the impacts of COVID-19 to maintain the city’s development momentum.”

 

 

 
Copyright © 1989 to 2020 by [LaPrensa Publications Inc.]. All rights reserved.
Revised: 05/26/20 15:59:20 -0700.

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