Larry Dillin, developer of the Marina District, today is expected to unveil a project that will require spending at least $25 million more than the $50 million he promised the city earlier this year.
Mr. Dillin and Mayor Carty Finkbeiner are scheduled to disclose details for the first private development in the Marina District site in East Toledo at a news conference set for this morning.
Under a deal with the city announced in late March, Mr. Dillin, head of the Dillin Corp. real estate company, will receive ownership of about 65 acres of the city-owned Marina District in exchange for his commitment to spend at least $50 million on retail and commercial development there.
The project to be described this morning is expected to involve at least $75 million in construction over 21 acres, and will include both stand-alone residential construction, such as townhouses, and upper-floor dwellings above street-level retail and commercial units.
Initial projects would include one to be developed by Mr. Dillin and another involving a joint venture with another local business.
The 125-acre proposed Marina District is on the east bank of the Maumee River, bounded by Front Street, Main Street, and I-280. The former industrial area has been the subject of three previous development proposals that did not come to fruition.
Since the Marina District project was proposed in 2000, the city has completed environmental cleanup, built a public marina and marine passenger terminal, and razed the Toledo Sports Arena.
Mayor Finkbeiner has committed the city to building a riverfront road and park from Main Street to the Glass City Marina at a cost of $10 million.
According to a spokesman for Mr. Dillin, building construction on the 21-acre development would begin in 2008. Total development is expected to top $320 million at the site.
Contact Tom Troy at: email@example.com or 419-724-6058.
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