The city of Toledo took ownership of the Toledo Sports Arena property for $5 million yesterday. The parcel is the last big piece of the planned 125-acre Marina District.
Tim Gladieux, the former owner, and Mayor Jack Fordsigned documents to complete the transfer of the 25.5-acre site on the Maumee River at Main Street in East Toledo.
Under the agreement with the city, Mr. Gladieux will continue to lease the arena for the Toledo Storm hockey team for up to five years, and will cover all expenses, including taxes and upkeep. He said he feels good about selling the facility that his father built in 1947 because he knows the site will be developed in conjunction with the Marina District master plan.
The city s Marina District developer, Pizzuti Cos., has proposed replacing the arena with an outdoor amphitheater, and a new arena downtown.