TOLEDO, Ohio — The redevelopment of the former North Towne Square Mall property took another step forward Friday.
The city of Toledo announced the property has officially been sold to Kansas City-based NorthPoint Development, a move that was first announced last October. NorthPoint plans to invest $85 million to create the city's next industrial park.
“Today, we turn the page to a new chapter for the former North Towne Square Mall site after more than 17 years since the mall’s closing,” Economic Development Director Brandon Sehlhorst said. “As the largest available industrial site in the City, we have been working tirelessly over the past few years to overcome the challenges that prevented it from being redeveloped. We have accomplished our goal and are excited for this next step."
NorthPoint plans to build three new spec buildings totaling 852,000 square feet. A spec building is a structure built without a committed tenant, but constructed in a manner that attracts a variety of potential suitors.
Ground broke on the first building this past spring.
In October, Mayor Wade Kapszukiewicz said the city would sell the 60-acre parcel for $45,000 per acre.
“Spec buildings are a major advantage in economic development because the risk to a potential company is significantly reduced since the building is already built – especially in today’s high inflation environment,” Kapszukiewicz said.
The mall opened in 1981 and originally featured three major anchor stores, a movie theater and several shops and restaurants.
The property covered 758,000 square feet.
It ceased operations on Feb. 21, 2005, and was demolished in January 2013.
“The blighted former North Towne Square Mall site has been a major challenge in North Toledo for nearly two decades,” Councilwoman Theresa Morris said. “I am proud to be part of the team that repositioned this important asset for the next generation of manufacturing operations. This project will have a catalytic impact on the Alexis Road Corridor.”
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