 |
| Image courtesy of the Chronicle Telegram/Bruce Bishop |
NEWS RELEASE
City of
Elyria Mayor’s Office
August 1,
2019
FOR
FURTHER INFORMATION CONTACT:
Mayor Holly Brinda at (440) 326-1402
REVITALIZATION OF MIDWAY MALL CONTINUES WITH
PURCHASE OF VACANT DILLARD'S PROPERTY
Continuing the recent trend of major developer investment in
the City of Elyria, Industrial Commercial Properties LLC (“ICP”) announced its
acquisition of the 18-acre Dillard’s site at Midway Mall. Earlier this year ICP purchased the Sears
building and Sears Auto Center located on 17 acres on the western edge of the property.
These acquisitions represent a significant step forward in the revitalization
of this major regional commercial corridor.
“We believe this location is uniquely
positioned for redevelopment,” said Chris Semarjian, owner of ICP. “There are
significant opportunities within regional retail hubs like Midway Mall,
including visibility, excellent interstate access to both I-80 and I-90, additional
developable land, and proximity to population. These are important factors when marketing
these locations to users. Mayor Holly
Brinda and her team have been extremely supportive of our redevelopment efforts
and we look forward to continuing to collaborate with the City of Elyria and
Lorain County on this project,” explained Mr. Semarjian.
ICP has extensive experience with
adaptive reuse of both retail and industrial properties. ICP acquired Randall Park Mall in 2014, which
is now home to a 960,000-square-foot Amazon Fulfillment Center and several
outparcels are being redeveloped as retail. They also retrofitted the North Randall Sears
building to create a fully occupied multi-tenant industrial facility. ICP also converted the former Walmart in
Bedford into an industrial facility and has subsequently leased the entire
building to a single tenant.
“The Midway Mall area has been an important economic driver
for the City and all of Lorain County since its construction in 1966. The City
wants to see the Mall area continue to evolve to meet the needs of our
residents and the larger community,” explained Mayor Brinda. “We commissioned a re-development plan for
Midway Mall in 2016, and we are gratified to see an experienced and successful
Northeast Ohio developer willing to engage with us in the planning and re-development
process,” said Mayor Brinda. “As we work
through the revitalization of this property, the City and the Elyria Community
Improvement Corporation are prepared to work with ICP to maximize opportunities
using proven financing and incentive tools that will ultimately result in
productive reuse and revenue-producing properties.”
Mayor Brinda continued, “In late 2017 a $23 million highway
reconfiguration that widened State Route 57 and removed the 49th Street Bridge improved
access to this property. As a result, a new hotel has been built, a Giant Eagle
GetGo is under construction, and several regional businesses have relocated to
the area. Some of these companies
include Johnny K’s Powersports in the former Macy’s, Designer Fashion Warehouse
in the former Office Max, and Car Parts Warehouse in the former Walmart.”
The City’s redevelopment plan examined highest and best uses
for the property and recommended right-sizing retail, and incorporating a
different mix of retail, entertainment, office, hotel, and mixed-use
residential housing. “The City is
encouraging regional businesses that cannot be duplicated in other mall areas
and is also exploring additional uses in the West River commercial corridor,
including new apartments, medical facilities, and companies specializing in
distribution, logistics, and light industrial functions,” said Mayor
Brinda.
-30-
