Latest news with #TowneMall
Yahoo
3 days ago
- Business
- Yahoo
Towne Mall site receives $2.5M for cleanup and remediation
Jun. 11—The former Towne Mall site in Middletown has received a $2.5 million boost from the Ohio Department of Development for cleanup and remediation in preparation for a substantial redevelopment project. The grant was requested by the Warren County Port Authority on behalf of the city of Middletown. The project will abate asbestos-containing materials and demolish multiple unsafe structures, according to ODOD, and the 32-acre site will be prepared for commercial and light industrial redevelopment. It is likely the majority of Towne Mall owned by the city will be demolished and redeveloped into a new structure or structures, according to Luis Rodriguez, assistant director of community and economic development for the city. Part of the redevelopment plan includes keeping Planet Fitness as a tenant, though the location of the gym could move to another spot on the site in a new structure, according to Rodriguez. An estimated 500 jobs are expected for when the redevelopment is complete at Towne Mall and adjacent businesses. The start date for the project has not been finalized. The city is in negotiations on a preliminary development plan with Midland Atlantic Properties for redevelopment. Rodriguez said there is "nothing set in stone," but the city is "optimistic." City council approved the issuance of $7.9 million in 30-year bonds to fund part of the acquisition cost in its June 3 meeting. The bonds will cover a bond anticipation note, or BAN, issued last August to fund the acquisition on a temporary basis. The previous BAN was approximately $7.5 million. The new amount of $7.9 million "reflects the rolling over of outstanding interest," according to a city staff report. The BANs are meant to be a "temporary situation as the city works to execute a final development agreement for the site that will pay off most or all of the outstanding debt." Most recently, Middletown hosted a Towne Mall liquidation auction, featuring items that were left in stores when the city bought the 380,000-square-foot site in July 2024 for $10 million. Purchasing the mall was part of an effort to guide what goes on the land in the middle of surging Interstate 75 development. Since then, Middletown has hosted a Town Hall at the Towne Mall, which was attended by approximately 80 people; a city council strategic work session; and a request for qualifications, or RFQ, presentation — all with the purpose of redeveloping the site and listening to what the community wants. A total of $57.7 million for 34 cleanup/remediation projects was announced alongside the $2.5 million for the Towne Mall site as part of the 10th round of funding since the Ohio Brownfield Remediation Program was created in 2021. "Over the years, we've helped transform hundreds of unsafe, blighted and abandoned sites into new centers of opportunity across Ohio," said Governor Mike DeWine. "Through this program, we're building stronger, safer neighborhoods and turning yesterday's liabilities into tomorrow's assets."
Yahoo
20-02-2025
- Business
- Yahoo
Middletown looking for partner for Towne Mall redevelopment
DAYTON, Ohio (WDTN) — The City of Middletown is moving on to the next stage of a redevelopment plan for Towne Mall. After purchasing the property back in June 2024 for redevelopment, the city has issued a Request for Qualifications for potential partnership opportunities on the project. 'With the Towne Mall site being a major gateway into the City, we are looking for the best partner for us to fully maximize this incredible opportunity to bring something to Middletown that will boost the economy, enrich lives, and make Middletown a better place to live, work, and play,' said Acting City Manager Ashley Combs in a press release. The city is hoping to work with an entity that has the vision and experience to bring forth a healthy upgrade to the mall property. Before the RFQ was issued, the city conducted a survey that found 75% of participants wanted the mall to have some sort of entertainment, shopping, food, and-or family space. The Towne Mall has a Planet Fitness, which is the only business inside that still serves the public. The fitness center will be included in the redevelopment plan. The city states that the deadline for submissions is Wednesday, Mar. 19. Submissions will then be assessed by a committee before a decision is made. Click here to view the RFQ. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
