TOLEDO, OH (WTOL) - Toledo is getting a makeover.
ProMedica plans to sell 70 acres of land the hospital had purchased in the Marina District to Columbus-based Continental Real Estate Companies for the development of the Marina District and former Colony Neighborhood in west Toledo.
"I am personally very excited about working in Toledo again. Everyone is forward thinking," said Frank Kass, founding partner of Continental Real Estate Companies. "We will develop the commercial portion of the Marina District in concert with the Metroparks and work directly with ProMedica on adjacent sites to their Toledo and Toledo Children's Hospitals expansion. These new developments will add vibrancy to both areas."
Continental Real Estate Companies has a history of collaboration with health care institutions to further develop their campus.
It's that experience that ProMedica thinks can help them fill some needs in west Toledo.
The conversation between ProMedica and Continental started with the Marina District.
But the real estate company soon saw opportunity around Toledo Hospital.
"They looked at it and said this is as good an opportunity, and so what's great for the region is out of town investment of $150 million," said Randy Oostra, president and CEO of ProMedica.
ProMedica purchased the land back in 2016 with plans to sell a big chunk of the property to the Metroparks.
The city then had to decide what to do with the rest of the property beyond the parkland.
"ProMedica's plan from the beginning was to serve as a catalyst and short-term investor to help ensure that this property would be developed appropriately in the best interests of our community, and align with the downtown master plan," said Oostra. "We are excited about this collaboration and look forward to seeing the Marina District transformed into a vibrant waterfront destination for Toledo area residents and tourists."
This project will go with the Metroparks' plans for a riverfront park.
"All great cities have great parks" said Dave Zenk, executive director of the Metroparks. "As we look at communities around the country that have invigorated their city centers and enhanced their reputations, parks have played important roles in these transformations. Adding greenspace and river access, as envisioned in the downtown Toledo master plan, are vital to realizing our full potential as a world-class city."
For the former Colony neighborhood, Continental has proposed a mix of retail, market rate apartments, restaurants and a hotel.
The Colony area used to be a center of economic activity with a shopping center and restaurants.
"This is a terrific opportunity to rekindle some of the energy and excitement that once existed in this historic area," Oostra said. "This approach aligns well with plans to expand our campus to include more outpatient care services and accommodate future needs as we evolve into an academic medical center environment.
The real estate company will also partner with ProMedica to construct a senior living facility.