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2023 In Review: Economic Development

Tuesday, December 19, 2023

The Bottom Line

11,138 building permits issued
352 certificates of occupancy issued
47 pre-development meetings
1,699 permit inquiries
$3,271,899.76 total building inspection revenue
104 city-owned parcels and 51.67 acres sold and put back into productive use
868,479 sq. ft. of brownfields remediated
322 jobs created and 230 jobs retained
$13,800,000 estimated new payroll created
$31,500,000 total investment
$66,695,312 private sector investment leveraged with 71 vibrancy initiative projects

Grants

  • 2 mil. RAISE
  • 1.5 mil JobsOHIO

Major Initiatives

Redevelopment

  • Celebrated the completion of speculative building 1 at the $100 million redevelopment of the former North Towne Square Mall as the Toledo Trade Center Industrial Park.
  • Announced the $7 million redevelopment of the Civic Center Auditorium at the Erie Street Market as the Toledo Food Systems, Education and Incubation Hub, in partnership with the Economic and Community Development Institute (ECDI) and Center for Innovative Food Technology (CIFT).
  • Announced a partnership with Metroparks Toledo to install a 30-megawatt solar array on the city-owned Dura and Tyler Landfills, which will return 110 acres to productive use.
  • Announced a partnership with the Glass City River Wall to lease unproductive city-owned land for a solar array that will power new LED lighting that will be installed on the mural – creating the largest lit mural in the world.
  • Announced the selection of the Model Group and Ark Restoration and Construction as the developers of the vacant Spitzer and Nicholas buildings. The State of Ohio awarded $10 mil tax credit for the Nicholas building. The developers have applied and are waiting to receive two more state tax credits that are imperative for the project to move forward.

Groundbreakings

  • Broke ground on the $45 million Colony project that will create 262 upscale apartments and retail in West Toledo, which is set to open in late-2024/early 2025.
  • Broke ground on the $10 million Secor Senior Lofts II project in West Toledo that will create 50 affordable apartments for seniors. The project comes on the heels of a very successful first phase, which created 58 affordable senior apartments that was completed leased within two months opening.
  • Broke ground on the $15 million Toledo Place Apartment project in West Toledo by the Inverness Club that will create 192 apartments.

Incentives

  • Launched the $10 million Toledo Business Growth Fund, in partnership with Economic and Community Development Institute (ECDI) to help established small businesses scale up operations and grow.
  • Expanded the Community Reinvestment Area to cover the entire City, which will allow the City to offer real property tax incentives to homeowners and business seeking to invest in their properties.
  • Announced a partnership with the Toledo Lucas County Health Department to establish a Small Market Grant Program that will provide grant funding and education to small markets in underserved areas for the sale of healthy food.
  • Announced a partnership with Lucas Metropolitan Housing to establish an incentive for the construction of a grocery store at the Collingwood Green development.

National Recognition

Housing

Retirement

Recreation

Business