TOLEDO, OH (WTOL) - Promedica is selling its portion of Fort Industry Square to Karp and Associates, a development company out of Lansing.
Promedica says they will develop nearly three fourths of Fort-Industry Square.
Jeff Kuhn, the chief of construction and property management for Promedica says this is the right fit because Karp and Associates have experience in dealing with historic buildings.
The plan is to turn this complex of buildings, some built in 1900s, into a dual purpose residential and commercial space.
"Hopefully a nice restaurant. That's the plan," said Kuhn. "Retail along Summit Street so that should be bringing back a lot of walking traffic along Summit Street, and then some offices as well."
Kuhn said he's not sure how many apartments or condos there will be but he said living space is in high demand.
Kevin Prater is part of this development group and Kuhn says he was the right fit.
"Knowing he has a real affinity and affection was important," said Kuhn. "It's really his niche. he really understands how to do these kinds of projects."
Kevin Prater recently finished redoing the Berdan Building.
Dave Ball of STS Management owns a portion at the end of the building and says this will benefit not just his investment but investing in downtown Toledo.
As for any sort of move-in date, Promedica leaders said that's now in the hands of Karp and Associates. But they believe work should start in 2018.