A Toledo company has purchased two buildings near the former Southwyck Shopping Center from the city of Toledo and will redevelop the property to expand its business operations.
The city finalized the sale Friday for the property at 5355 and 5405 Southwyck Blvd. to Olympic Real Estate Group LLC.
Owner Paul Rahe said he plans to redevelop the 20,000-square-foot building at 5355 Southwyck into commercial office space for Olympic's sister company, Rahe & Co. CPAs LLC, an accounting and tax-services firm.
The company's 42 employees now are divided among three locations in Toledo.
The agreement with the city calls for Olympic to raze 5405 Southwyck and use the property for green space. The purchase is contingent on Olympic investing at least $409,550 to redevelop the property within the next year.
The two buildings formerly housed the operations of Stautzenberger College until the institution moved in 2007 to Arrowhead Park in Maumee.
The Lucas County Land Bank obtained the buildings in 2015 after the owner was delinquent in paying property taxes. The city acquired the property from the land bank later in 2015. City council approved the sale to Olympic on Sept 19.
City officials said the land sale is part of efforts to revitalize property in southwest Toledo’s Reynolds Road corridor.
"This project is an example of how the city can be creative in assisting growing businesses,” said Brandon Sehlhorst, manager of real estate for the city.
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