City announces plans to buy Southwyck siteWritten by Staff Reports | | email@example.com
On behalf of the City of Toledo, Louisville Title & Trust recently executed a purchase agreement for the acquisition of the Southwyck site, the City of Toledo announced in an email July 20.
“Controlling the Southwyck site is the next domino in the redevelopment of the Reynolds Road corridor,” states the email from Lisa Ward, public information officer for Mayor D. Michael Collins and the City of Toledo.
The purchase agreement, which is subject to Toledo City Council approval, calls for a purchase price of just over $3 million, or $51,290 per acre. The listing price was $72,900 per acre.
The City will prepare a request for proposals for the development of the site and the market will determine the highest and best use, the email states. The City’s vision is for the site to be used as the location for the development of office headquarters.
The City’s economic development department has been working on the project since Collins took office in January, Ward said in the email.
“The City of Toledo is optimistic that with the property now being under the control of one owner, that discussions concerning possible development at the site will now be able to move forward,” the email states. “Given the former Southwyck Shopping Center’s location at one of the key entrance points to the City, this area is a priority for Mayor Collins and his administration.
“Positive development news in Downtown Toledo, with ProMedica and Lathrop as two recent examples, demonstrate there is an atmosphere of optimism in Toledo, poising us for additional economic development in areas outside of Downtown.”
Southwyck was a major topic during the recent City Council race for the District 2 seat, which represents South Toledo. Southwyck Shopping Center opened on August 3, 1972, and closed almost 36 years later on June 29, 2008. It was razed in 2009.
Recent investment in the Reynolds Road Corridor by both private and public entities is about $36.9 million, according to the email.
Over the past seven years, the City has spent more than $7 million to update the infrastructure surrounding the Southwyck property, according to the email. It will spend $434,000 to raze the former Clarion Hotel.
Recent private investment includes:
- More than $16 million since 2010 invested by Maumee Valley Country Day School on the expansion of its facilities, including the development of an on-campus residence building.
- More than $1 million by Lyden Oil on the redevelopment of one of its assets along Reynolds Road.
- The At Home superstore is in the process of investing $3.5 million in the redevelopment of the former K-Mart site.
- More than $9 million by Genesis Village, a senior living facility, has been invested in its facility.
There is a 120-day due diligence period which will enable the City to work with potential end users. Further action beyond the 120-day time period will be subject to Council approval.