ELYRIA — The sale of Midway Mall is expected to take place in the middle of July, according to Elyria Mayor Holly Brinda.
“We have been in touch with the asset managers of Midway Mall. The sale of Midway will happen in July,” Brinda told City Council on Monday night. “We have been fielding a number of interested developers from across the country. All of them are looking to the city to have a conversation about how we might be able to help in the redevelopment of that area.”
On Tuesday, Brinda clarified and said the asset managers are considering bids from prospective developers.
“The sale is supposed to take place in the second quarter of this year, which is what they’ve said all along,” Brinda said. “They’re working through the process of determining a buyer.”
Last year, the city commissioned a redevelopment plan for the property through Jeff Green Partners and the Hoffman Strategy Group. The plan, presented to Council in November, recommended the mall shrink from 1.1 million square feet of space to about 530,000. Additionally, the group recommended adding high-end apartments, another hotel and more office space to the property.
The city has been using the development plan as a tool to make decisions on how it may be able to help redevelop the mall using public financing, according to Brinda.
The mayor said there are several developers with different ideas about what to do with the property.
“We’re happy with some of them,” she said. “We don’t know all of them, either. Not all of them have been in contact with us.”
Brinda said the city has the option of choosing not to invest public financing tools in redevelopment plans of which it doesn’t approve.
“That’s one of the reasons we did the plan,” Brinda said. “If we don’t approve the ultimate buyer’s plan, we have the right to say yes or no to helping with the financing. If it’s not a good public investment, then we won’t make a public investment.”
The city has a number of options to assist with the redevelopment of the property, including tax increment financing, working with the Port Authority, capital lease financing or reinvestment abatement, according to Brinda.
Calls to LNR and The Woodmont Co., the asset managers of the mall, were not returned.
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