City of Toledo Sells Former North Towne Square Mall to NorthPoint Development
The city of Toledo is pleased to announce it has officially sold the former North Towne Square Mall property to NorthPoint Development.
In October 2021, Mayor Wade Kapszukiewicz announced the City’s plan to sell the property to NorthPoint Development to build 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,” Brandon Sehlhorst, economic development director, 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,” Sehlhorst said.
The North Towne Square Mall opened in 1980 and closed in 2005. Between 2005 and 2010 the former mall structure fell into an extreme state of disrepair and was later acquired and demolished by the City in 2011 using state and federal funding. Due to issues primarily pertaining to the property’s title, the site remained vacant for nearly 17 years without any real potential of redevelopment, until now.
NorthPoint plans to invest $85 million to construct three speculative industrial buildings totaling 852,000 square feet. A spec building is a structure that is built without a committed tenant.
“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,” Mayor Wade Kapszukiewicz said.
“North Towne is now added to the City's list of recent site redevelopment wins such as Overland, Ironville, Southwyck and Textileather which represent 655 acres of repurposed land that has created 3,103 jobs.”
“The blighted former North Towne Square Mall site has been a major challenge in North Toledo for nearly two decades,” Theresa Morris, District 6 Council Member, 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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