TOLEDO, OH (WTOL) - ProMedica announces the sale of Fort Industry Square to developer Karp and Associates of Michigan.
Karp and Associates have completed projects in southeast Michigan and Toledo.
The goal is to restore and preserve the building as a premier residential and retail destination.
"We look forward to seeing this development take shape and bring back the energy that once existed along this stretch of the Summit Street decades ago when it was a bustling commercial hub. We couldn't be more excited about this project on the heels of last week's announcement about plans for the former Hotel Seagate," said ProMedica president and CEO Randy Oostra.
ProMedica acquired the property after it had been sitting idle for more than 20 years.
ProMedica initiated a bidding process and considered several proposals before choosing Karp and Associates.
"We were most impressed with their vision and years of superior experience reviving urban areas while at the same time preserving the area's rich history. Now that we have found a developer, ProMedica's work is completed and we look forward to seeing how this project evolves," said Jeff Kuhn, chief construction and property management officer.
The developer plans to renovate the site into a mix of residential units, retail shops and an entertainment venue.
The location will also include space for business offices.
"This is a very exciting time in Toledo and we appreciate the chance to contribute toward its revitalization and renaissance," said developer Kevin Prater.
Karp and Associates are currently completing renovations to the Berdan Building. They also converted the former Standart-Simmons Building into the Standart Lofts in the Warehouse District.