TOLEDO, Ohio — Mercy Health St. Vincent Medical Center announced their plans Wednesday to redevelop a part of Cherry Street in the coming years.
They plan to create a mixed-use project combining retail shops with residential apartments on a 4.5-acre piece of land adjacent to the hospital.
The announcement was made because the hospital knows there is a need to create this type of project and they are now in the position to do it.
"Activity breeds activity, and we know that this type of development is going to breed the activity that people want to see along Cherry Street," said Matt Sapara, the Vice President of Operations and Regional Development at Mercy Health St. Vincent Medical Center.
He said they hope by creating this, they are able to increase the values of the properties in the area while helping employees, specifically their residents.
"This is some of the next phase development that we started a several years ago working on increasing the values of the properties in the immediate area. Now, we've evolved to the point where we recognize there's a market demand for market-rate type housing that we're going to work with a developer on," said Sapara.
They do not currently know exactly what the development will look like or the price tag on the project. They want to wait to see what the developer's ideas are.
Sapara said the search for a developer has already started and they hope to have one chosen by January 2020. After choosing a developer they hope to be able to break ground sometime in 2020 as well.