The idea of a park instead of stores, restaurants, and apartments constructed in Toledo’s east side Marina District was met with favor Thursday by officials who struggled for years to get the sprawling former industrial land developed.
Former Mayor Carty Finkbeiner — who had near-weekly meetings over the course of three terms and worked with more than one developer on unsuccessful development plans — said ProMedica’s plan to buy much of the land and then sell it to the Metroparks of the Toledo Area is a suitable use for that property.
“Keep the Metropark proposal in play and see if there might be an opportunity to blend parkland and housing,” Mr. Finkbeiner said.
Lucas County Commissioner Pete Gerken, a former councilman who worked on efforts to get the land developed, also said a park is now the way to go.
“We spent a lot of time and energy on this but what it tells me is things happen when they are supposed to happen,” he said.
Both Mr. Gerken and Mr. Finkbeiner referred to a report from the 22nd Century Committee, a public-private partnership drafting a new master plan for downtown Toledo, that determined downtown lacks sufficient urban parkland.
“We need 20 percent green space,” Mr. Gerken said. “With the Metroparks as your partner, you know what kind of quality product you are going to get.”
Going with a park is not giving up, he said.
“I don’t think we are punting,” Mr. Gerken said. “I think we are scoring. We have learned that you have to have some open space ... and these are 69 green and clean acres that could be the pre-eminent gathering site.”
Nearly 20 years and $43 million of public money was spent on the east side property.
Of the $43 million, $19 million came from the city of Toledo. The city spent $5.21 million to buy and demolish the old Sports Arena and $8 million to build a mile-long road — Riverside Drive — with sewers and lighting.
During that 20 years, developers such as Larry Dillin, Frank Kass, and the Pizzuti Cos. offered multiple plans that all included a mix of housing and retail with features like walkways that took advantage of the riverfront.
Now, ProMedica has negotiated an agreement to buy 69 acres of the district for $3.8 million from Dashing Pacific Group Ltd., Randy Oostra, president and chief executive of the health-care system, said Wednesday.
Dashing Pacific, a Chinese investor-owned firm, bought the property five years ago from the city of Toledo for that same amount. It announced last year that it was abandoning its plan for a development at the site and instead would look to unload the property.
ProMedica plans to hold the land for an undetermined amount of time before it sells most or all of it for the same price to the Metroparks. Dave Zenk, deputy director of the park system, said the agency intends to spend up to $6 million to turn the vacant land into a riverfront park.
Some real estate experts Thursday said dreams of a $100 million-$300 million Marina District development complete with stores, restaurants, condominiums, and accompanying pedestrian features like a river walk, were probably unattainable.
Harlan Reichle, president and chief executive of the Reichle Klein Group, said a park is now the right use for that property.
“There is no other demand for that property today,” Mr. Reichle said. “With all due respect to all those people who spent time and money that it could be developed, there is a reason it has not been developed and it had to do with demand and the economics of doing a development of that scale ... I see the value of green space and I think that there is potential for more intense development on the west side of the river where the [central business district] is now.”
Councilman Rob Ludeman, a Realtor, said he is excited about a new east side Metropark.
“I love the idea that the city is not going to be in the position of having to buy back that property,” he said. “I think along Front Street you could build high-end apartments or condos to overlook the park and the river.”
The 2011 agreement between the Chinese company and the city negotiated by then-Mayor Mike Bell has a provision allowing Toledo to buy back the property if it is not developed to the city’s expectations within five years at the same price of $3.8 million. Dashing Pacific would get only $3.45 million from the city because an Oct. 15, 2011, agreement between the city and firm stated the repurchase price would be $50,000 an acre.
Steve Serchuk, a commercial Realtor and retail expert with Signature Associates’ Toledo office, stood out as one against a Metropark in the district.
“I was happy to hear ProMedica is buying it because we need to get it out of bad hands into good hands. [Dashing Pacific] is out of town and not part of the community,” Mr. Serchuk said. “I was not as happy to hear it was going to be a Metropark because I don’t think it is going to help revitalize East Toledo. Economic development is what revitalizes communities; new people moving in, jobs — those are the things that revitalize communities.”
Mr. Serchuk said the area already has the Middlegrounds Metropark under construction on the opposite side of the Maumee River just upstream from downtown.
Toledo City Council is scheduled to receive a proposal today from the Hicks-Hudson administration to revoke the buyback right provision before a planned June 27 closing and also to assign options to ProMedica to purchase an additional 17 acres at the Marina District.
Contact Ignazio Messina at: imessina@theblade.com or 419-724-6171 or on Twitter @IgnazioMessina.
First Published June 10, 2016, 9:41 p.m.
