The Toledo region is looking for a spark from Jeep investment, supplier growth, and logistics, especially in light of the coming Gordie Howe International Bridge south of Detroit, to boost it out of the ranks of slowest-growing mid-sized cities.
Toledo finished as the 10th-slowest growing mid-sized city in the United States based on population growth, jobs created, household income, and a host of other factors, according to a new ranking by personal finance site WalletHub.
It finished just above Joliet, Ill., and nine notches better than the slowest-growing mid-sized city, Shreveport, La., in the WalletHub data.
Six of the fastest-growing mid-sized cities are in Texas. They include Midland, College Station, and Pearland.
What some faster growing cities have is a vibe, said Doug Kelbaugh, Emil Lorch Collegiate Professor of Architecture and Urban Planning at the University of Michigan in Ann Arbor.
He said Detroit is seeing a revival in its central core because young people now find it hip. Detroit also has Quicken Loans founder Dan Gilbert investing heavily in downtown office buildings and refurbishing them.
“Toledo needs more cachet and a Dan Gilbert,” Mr. Kelbaugh said.
The snapshot of Toledo as stuck in neutral is likely to change dramatically in the coming months and years, real estate investors say.
More than 28,000 trucks representing $500 million in commerce every day cross the Ambassador Bridge between Detroit and Windsor, Ontario, said Brian McMahon, president of Perrysburg-based real estate company Danberry National, quoting 2011 trade data.
Toledo is at the crossroads of I-75 and the Ohio Turnpike and will be even better positioned as a logistics hub when the Gordie Howe International Bridge opens in 2024. The bridge is to be further downriver from Detroit than the Ambassador Bridge, giving truckers a clear run to the crossing, Mr. McMahon said.
The Ohio Department of Transportation has $3 billion in upgrades to state highways on tap to make infrastructure more attractive to distributors, he said.
Developer Ed Harmon said the region is gradually shaking off an image of being behind the times.
“I hear from people all the time wondering why we’re developing in northwest Ohio and particularly Toledo,” Mr. Harmon said. “I’ll tell you that Toledo is better suited than Columbus for distribution.”
In addition to being an interstate crossroads, the region has excellent water access for commerce, and flourishing railroads, Mr. Harmon said.
He said he owns and leases distribution centers that have rail cars pulling right into the centers for loading and unloading.
The Harmon Group, which is based in Columbus with a major presence in Toledo, has invested about $50 million in buildings over the past several years, including the Overland Industrial Park that is growing with Jeep suppliers and other industrial companies.
Suppliers such as Dana, Detroit Manufacturing Systems, and Faurecia are investing at Overland to supply parts for the busy Toledo Assembly Complex, which is building the hot-selling Jeep Wrangler and gearing up to start production of a new mid-sized Jeep pickup truck early next year.
Both Mr. McMahon and Mr. Harmon said Toledo also has available vacant land for new businesses and access to a skilled workforce.
Contact David Barkholz at dbarkholz@theblade.com or 419-724-6134 or on Twitter @barkholzatAN.
First Published October 1, 2018, 10:08 p.m.
