ELYRIA — The sale of the old Macy’s department store is final, allowing plans for the headquarters of Johnny K’s Powersports to move into Elyria to move forward.
Documentation filed with the Lorain County Auditor’s Office shows the real estate property transfer taking place Jan. 9 between Macy’s Retail Holdings Inc. and KE Elyria LLC, which is the company doing business as Johnny K’s. The building sold for $625,000, less than the market value of $815,000.
The property and parking spaces amount to about 12 acres.
Although it is connected to Midway Mall, the former department store is a separately owned parcel that John Kalogerou, Johnny K’s owner, said will be a perfect location.
Kalogerou said the location is ideal because of its highway access. Other locations haven’t been the most convenient and some customers travel an hour to the stores, he said.
As a result, Kalogerou said he will move his motorcycle, personal watercraft and motorboat retail business from Brookpark to Elyria. The new space will be bigger — going from a 10,000-square-foot building to a 103,000-square-foot structure — that will allow the expansion of inventory to include Indian Motorcycles and Polaris all-terrain vehicles.
Of its four locations in Ohio, this will be the largest.
The city’s administration has championed this project, calling it a “niche enterprise” that will have a regional appeal.
Late last year, City Council agreed to an Enterprise Zone Agreement that will be a 10-year, 75 percent abatement with a total value of $383,213.55. The state incentive program, which the city is authorized to provide, is a real property tax incentive for businesses that expand or relocate in Ohio. This is in addition to a $500,000 loan through the city’s Community Improvement Corporation.
“We know the investment will be substantial and anywhere from $2.75 million to $5 million,” said Mayor Holly Brinda. “This new project will bring 20.5 new jobs plus the owner/manager.”
Kalogerou said the company would like to begin renovations immediately and hope to open by June at the latest.
Contact Lisa Roberson at 329-7121 or firstname.lastname@example.org.