ELYRIA, Ohio — The future of Midway Mall is changing once again.
Industrial Realty Group (IRG) is set to purchase the mall in Elyria from the Lorain County Port Authority for $15.8 million, according to Elyria Mayor Kevin Brubaker.
The Port Authority's board of directors voted unanimously on Wednesday to enter into a purchase agreement with IRG.
"Any time I see people in the community, they always ask, ‘What’s going on with the mall?’" said Port Authority executive director Jim Miller. "I told you, you’ll know when we have something. And now we have something.”
He said the company plans to redevelop the property with a mix of commercial, retail and residential uses.
"What we wanted was somebody that had the ability to develop it and somebody that has experience doing that,” Miller said.
IRG is linked to other well-known projects in Northeast Ohio, including the Hall of Fame Village in Canton and the IX Center in Cleveland.
RELATED: Lorain County Port Authority agrees to buy, redevelop declining Midway Mall
Given IRG’s track record, Mayor Brubaker said he’s optimistic this deal will last.
Others told News 5 they were skeptical after other plans had fallen through for the mall over the years.
"Well, every time they’d put something in the paper, it’d look promising. But then every three months later, the deal fell through or something like that,” said Jim Green, Sr.
The Elyria resident and his son recalled the mall in its heyday.
"As a young teenager, we’d come out here and hang out here all day. Go to Woolworth’s, and you could get a sub sandwich for 39 cents,” said Jim Green, Jr.
The pair now goes to Midway Mall to walk and socialize, but they lament its current condition.
Only a handful of retailers and one food court restaurant still occupy the mall.
Previous plans to revitalize the retail scene failed.
The port authority bought the property in 2023.
Last year, Industrial Commercial Properties, LLC (ICP), terminated a purchase agreement with the county, and the sale fell through.
WATCH:
RELATED: Sale of Midway Mall falls through; potential buyer terminates purchase agreement
Despite the setback for the mall, Lorain County leaders remain optimistic about its future.
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RELATED: Port Authority optimistic about Midway Mall after developer backs out
"We’re really excited about the opportunity of working with IRG," said Miller. "They’re a proven commodity in Cleveland and nationwide. And I think this will be a great partnership.”
The deal is contingent on a 120-day due diligence period and financing.
Miller estimates a full transformation could take 5-10 years.
