Toledo's Mayor Mike Bell and a local development company, M.J.W., Inc., announced a proposal on Thursday to transform the former site of the Southwyck Mall.
The proposal, which is just in the beginning stages, would redevelop the 55 acre property into a sports complex that would include retail stores and a hotel.
"We feel that this site is an excellent site for what we call an adaptive service model where we integrate the community with outside sports tournaments and with a retail element," project consultant Dan Pritt said during a press conference on Thursday.
Those behind the project hope to put numerous sports fields, an ice rink and water park on the property.
However, before the project gets off the ground M.J.W., Inc. has asked the City of Toledo for a $50,000 loan to investigate the "feasibility" of the venture.
The money would come from a $300,000 grant given to the City of Toledo by FirstEnergy.
Once the study is done, then M.J.W., Inc. would seek a contract to purchase the property from its current owners by November or December of this year.
Despite already securing a financial agreement with the property's owners, those behind the project believe it could take between 2 to 10 years before the project is complete.
They say that the progress will all depend on interest from companies looking to participate in the venture.
Residents and business owners in the community are already excited about the propect of a new sports complex.
"It's been really bare out there for a real long time it will bring a lot of business around a lot more more to the City," one man said.
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