Chinese firm still needs investors in Toledo's Marina District - Toledo News Now, Breaking News, Weather, Sports, Toledo

Chinese firm still needs investors in Toledo's Marina District for growth

Posted: Updated:
TOLEDO, OH (Toledo News Now) -

Nearly two years after the Dashing Pacific Group purchased 69 acres of land in Toledo's Marina District for $3.8 million from the city, the Chinese investment firm continues to search for investors.

A released statement was provided through Rudolph-Libbe Inc.

"Dashing Pacific is continuing to seek investors and anchor tenants. There are no commitments at this time. The anchor tenants will be involved closely in the design, and the project will be planned around the needs of those anchor tenants. The real estate market in Northwest Ohio is still very challenging, and the project timeline hinges on commitments from investors and tenants. We understand that public funds were invested in the site. The site is now privately owned and generating property taxes and this is the first step in the public recouping its investment in the Marina District."

Local businessman Dan Steingraber says those who have been working to improve the business climate in east Toledo have now been waiting 15 years for something to happen in the Marina District.

"We understand it has to be market driven," Steingraber said. "We certainly don't want anything to go in there that's going to fail."

Even though the city has the ability to buy back the land if there's no activity after five years, Steingraber believes the city could have structured the deal differently.

"We have absolutely no control at this point because we don't own it," he said.

Councilman Joe McNamara, who's running for mayor this year, says the public's expectations were set high for that property, considering public money was used to clean it up and get it ready for redevelopment.

"I think a lot of Toledoans are asking, ‘Where are the jobs?'" McNamara said. "Mayor Bell's talked a lot about investment, but I think most Toledoans haven't seen how that's translating into making their lives better."      

Copyright 2013 Toledo News Now. All rights reserved.