Marina District project moving slower than anticipated but progressingWritten by Duane Ramsey | | email@example.com
The Marina District project is still alive despite having shown little progress since City of Toledo officials and Dashing Pacific held a groundbreaking ceremony for it on July 2, 2011.
Dashing Pacific continues to work on financing and planning of the Marina District project in Toledo. Company officials provided an update on it through Rudolph/Libbe of Walbridge, the construction manager for the project.
Dashing Pacific is planning a mixed use development to include both commercial and residential components, such as residential rental and sale properties, service retail, restaurants, entertainment, educational and offices that could include a corporate headquarters, according to a spokesperson for Rudolph/Libbe on behalf of Dashing Pacific.
The Marina District project will incorporate elements of new urbanism and sustainable neighborhood design so that all services required for daily living would be located within walking distance of the site and surrounding neighborhood, said the spokesperson.
The goal of the project is to create a long-term destination for Toledo with an emphasis on sustainable energy-efficient buildings and connectivity with the Garfield neighborhood with walking/biking paths and green spaces along the Maumee River.
Dashing Pacific continues to seek sources of capital and anchor tenants as the first step of the project. It will be planned around the needs of any anchor tenants that would become involved in the planning and design of it.
Dashing Pacific reported that it does not have any commitments from investors or tenants at this time. The timeline of the project will depend on commitments from investors and tenants, according to the Rudolph/Libbe spokesperson.
The entire Marina District project is planned as a 10 to 15-year build-out, said the spokesperson.
The real estate market is very challenging at this time. It’s very common for large projects such as the Marina District to have changes in schedule, planning and design occur, the spokesperson said.
Rudolph/Libbe is supporting Dashing Pacific in the planning and design of the Marina District project. The firm reported it has hired a master planning architect and will release them to begin work on the design once anchor tenants have committed to it.
MXD Development Strategists, a market study and development strategy firm based in Vancouver, Canada, is conducting a market study and providing planning support for the project, according to Rudolph/Libbe.
Dashing Pacific, a group of Chinese investors, purchased 69 acres of the Marina District site from the City of Toledo for $3.8 million in 2011. It has an option to purchase an additional 22.75 acres of the site for a reported $1.25 million, according to the City of Toledo at that time.
After a 10-day trip to China that that year, Mayor Mike Bell reported that Dashing Pacific was prepared to invest another $200 to $300 million in to the Marina District project.
Mayor Bell and city officials were not available for comment on the status of the Marina District project at press time. The mayor and three other city officials were traveling on a trip to Germany this weekend.
Three of the mayor’s his top staff: Deputy Mayor Paul Syring, Finance Director Patrick McLean and Public Information Officer Jennifer Sorgenfrei are joining him on the trip.
The Marina District site is now privately owned and paying property taxes which is the first step in the public recouping its investment in that site.