– 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
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,”
commissioner of economic development.
“We are moving forward with this important project despite the
impacts of COVID-19 to maintain the city’s development