Marina Distict one vote away from development

TOLEDO, Ohio (13abc Action News) - The Marina District is one vote away from a new landscape.

If City Council approves $1.7 million in funding, Columbus Developer Frank Cass says he can move forward with a $50 million investment in residential and commercial development.

Rita miller has worked at Michaels restaurant at the corner of Front and Main for years. She says ever since ProMedica opened up in downtown Toledo, lunch hour has picked up, "Our businesses has increased by 5 to 10 percent," says Miller.

And that could be just the beginning if a new multi-million dollar development deal goes through across the street. It starts at the corner of Front and Main and goes all the way to the I-280 bridge.

Developer Frank Cass and Continental Real Estate of Columbus would build the Gateway Lofts. Three hundred and sixty units would rent for between $900 to $1,400 a month.

Toledo Economic Development Director Bill Burkett says "This is truly a tipping point for new investment. When you look at those rental rates it really pushes the investment and I think we're starting to see a whole new look at investment in Toledo."

This development shores up the new construction housing, finishing off the new metro park next to it, taking advantage of the river front location. It includes new property tax abatements because it's new construction.

The City investment of $1.7 million would pay for infrastructure improvements like water, roads, sanitary and storm water. If council approves the deal it could be well on its way by 2019.