>> PHOTOS: Towne Mall in Middletown through the years
There is no finalized plan for the property at this point, said City Manager Paul Lolli, who will retire at the end of the month. He said, “We do know the development that goes there will be a development that works well with the Renaissance Pointe and not compete with it.”
Middletown had made an offer to purchase Towne Mall last year with the intent of placing Renaissance Pointe at the location, but withdrew the offer, Lolli said. Renaissance Pointe is a nearly 51-acre mixed-use $200 million development at Ohio 122 and Union Road that will include an event center, retail and offices, hotels, restaurants, and residential living.
City Council member Zack Ferrell said the interesting part of the purchase of Towne Mall is that there is no specific plan.
“We have the ability to obtain grants and brownfield money to be able to tear it down and basically create a blank slate for an investor or developer,” he said. “If you hold the property, you have the ability to vet the plan and figure out the best situation for the city, and I think that’s why I’ve been a proponent of this property.”
Lolli agreed that purchasing the 32-plus acre property will give the city control, especially since some organizations looking to buy the mall may not have had the best plans for Middletown in that location. A big factor is the city can work to put a complementary development to Renaissance Pointe in the space, as opposed to a competitive development.
“It gives us control of that property and also we’ll be working with many developers,” Lolli said. “Our primary thing out there is economic development. That’s what we’ll do, and that may include a mixed-use type process of possibly living, entertainment and shopping.”
>> City of Middletown to purchase Towne Mall for $10 million
City Council passed the legislation as an emergency so staff can proceed with the necessary actions needed to be able to close on the real estate transaction.
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