The sale of the Sylvania-owned Maplewood Marketplace back into private ownership is nearly finalized after city councilmen approved a slight drop in the original $1.1 million sale price to compensate for needed improvements to the old building.
Sylvania City Council approved a slight drop in the original $1.1 million sale price to Maplewood Marketplace to compensate for needed improvements to the old building.
City officials agreed Monday to knock $40,000 off the price tag so the buyer can resolve a water issue, install a fire-suppression system, and add parking.
Council members in January accepted an offer from title company Midland Agency of Northwest Ohio, Inc. The true owner won’t be disclosed until the sale is closed, which is scheduled for Wednesday.
“We’ve been working through the due-diligence period and the inspection period, and a couple of building issues that are our responsibility have arisen,” city Law Director Leslie Brinning said.
The property at Main Street and Maplewood Avenue houses Interrupt Marketing on the first floor and advertising agency LJ Creates and the law offices of Melan Forcht and Bill Eickholt on the second floor.
Treo Restaurant was a first-floor tenant until it closed in February after news of the building’s sale.
Mayor Craig Stough called the property a success story for the community. The city bought the dilapidated site in 1994 from the Dave White car dealership for $200,000 and renovated it.
“We’ve taken a derelict building in the downtown, we’ve improved it, it was fully rented, and now we are taking it off the city’s ownership and putting it back in private hands,” he said. “It’s a great deal for us, and it’s a great deal for our community.”
Mayor Stough added the city’s return on its investment comes in at $476,500 with the sale.
“We are not taking a loss on this building,” he said.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.