Pounds: Pondering PacificWritten by Tom Pounds | President / Publisher | email@example.com
In his April 21 story, “Marina District project progressing but slower than anticipated,” Toledo Free Press Senior Business Writer Duane Ramsey updated us on the status of Dashing Pacific’s work on that former albatross of the city.
“Chinese investment group Dashing Pacific continues to work on financing and planning for the Marina District project in Toledo. Company officials provided an update through Rudolph|Libbe of Walbridge, the construction manager for the project,” Ramsey reported. “Dashing Pacific is planning a mixed-use development to include both commercial and residential components, such as residential rental and sale properties, retail, restaurants, entertainment, education 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 lack of visual progress at the site has been noted by mayoral opponents of Mike Bell, but their comments reveal more about their lack of business savvy than any failure on Dashing Pacific’s part.
Businesspeople with experience in real estate development know that large projects take time. They also know that business, like most of life, runs on relationships and the trust that involved parties will conduct themselves ethically and honorably.
The Dashing Pacific investors have been respectful and accommodating. It is far too early to judge performance and results, but everyone involved knows the importance of these investments and knows progress will be closely watched.
As Toledo Free Press has stated before, at this point there are no losers in this transaction. Mayor Bell’s quest to breathe life into Toledo receives a major boost. Dean Monske and the Regional Growth Partnership (RGP) have a major deal to tout to other potential investors, at home and abroad, as the mayor’s recent trip to Germany illustrated. The venerable Northwest Ohio firm Rudolph|Libbe gains a major role in shaping the future of Downtown Toledo. All area residents stand to benefit from the jobs, investment and economic boost that could be the first step toward a new era.
“This project would change our riverfront into something it should have been some time ago,” Bell has said.
There will undoubtedly be mistakes and complications, as there are on any major development project, but it is our hope that former naysayers support the project and facilitate solutions as Dashing Pacific makes its mark. Toledo Free Press supports Dashing Pacific’s presence and Bell’s and the RGP’s efforts to attract global investment.
There is always a risk of disappointment, the risk that something will go wrong or fall short. That is the risk businesspeople take. We urge other local businesses who understand that risk to continue to welcome Dashing Pacific and to work with it as its investment benefits the community, rather than joining the small and politically motivated chorus of detractors and uninformed critics.
Thomas F. Pounds is president and publisher of Toledo Free Press and Toledo Free Press Star. Contact him at firstname.lastname@example.org.