TOLEDO -- It's a project that's received plenty of criticism over the years. However, it's full steam ahead for the marina district development, which now has private investors involved.
Mayor Carty Finkbeiner and Larry Dillin held a news conference on Thursday to announce further plans for the proposed Marina District, News 11's Rob Wiercinski was there.
Developer Larry Dillin, CEO of Dillin Corp., is leading a $75 million project comprising multi family for lease residential space above retail space. The second part of this project involves $25 million in residential development, including 150 homes for sale.
Developer Larry Dillin says between his firm and a new joint venture, there's now over $75 million in private investment earmarked for the Marina District.
A master plan that was released last year is being overhauled, and a greater emphasis is being placed on residential development on the east banks of the Maumee River.
Today, Larry Dillin showed off some new renderings for his first phase of development. It's a $50-million project to create multi-family residential space that's going to be located above commercial space.
Also, Dillin announced a $25 million joint venture to build 150 row houses with construction to start in the spring.
An interesting twist, Dillin is planning to build a public plaza, inspired by Saint Mark's Plaza in Venice, Italy.
Dillin said, "We have a hole in the fabric of East Toledo and the central business district. We're filling in that hole. We only get one chance to do it, and we must do it well."
The question remains how East Toledoans will feel about the development. Some are still upset about the sports arena being torn down and the new arena being built downtown.
Negotiations for further commercial development in the district are ongoing.