LORAIN COUNTY, Ohio — Despite the latest setback facing Elyria’s Midway Mall, Lorain County leaders remain optimistic about the future of the declining shopping center property.
This week, the Lorain County Port Authority announced a prospective buyer had decided to terminate its purchase agreement for the mall. The decision came after Industrial Commercial Properties (ICP) said it was not satisfied with its findings during a due diligence period.
RELATED: Sale of Midway Mall falls through; potential buyer terminates purchase agreement
“The key is to keep on swinging, keep getting in there, keep batting and we’ll find the right fit,” said Port Authority Executive Director Jim Miller.
Miller said ICP did not elaborate on why it pulled out of the sale, but he noted economic factors have changed, and the team members initially spearheading the project were no longer with the company.
ICP had pitched a $42 million investment to redevelop the mall into a light industrial park and said the project could have created hundreds of new jobs.
Although that idea will no longer become reality, Miller said the failed deal opens up an opportunity for other developers.
“If it wasn’t right for them, it probably isn’t right for Lorain County and for the city of Elyria. And we’d rather go with someone who it is right for,” he said.
He told News 5 the Port Authority had been approached by several other interested parties in recent months, but could not engage with them while under contract with ICP. Now, he’s asked the prospective developers to submit formal proposals.
Miller believes the mall’s location, near several main routes, and its existing infrastructure could be ideal for a variety of uses.
“If you’re talking about transportation and logistics, it’s perfect for that. If you’re talking about some kind of residential, you’re between two interstates that can get you anywhere you want in Northeast Ohio fairly quickly. Plus, I know the site has quite a bit of power capabilities,” he said.
The Port Authority board has a meeting scheduled for Dec. 11, where Miller said members will discuss options in an executive session. Depending on decisions during that meeting, the Port Authority could proceed with some or none of the development plans, or issue another request for proposals.
Miller said the remaining businesses inside the Midway Mall are paying month-to-month rent and will be allowed to stay at the property until a future developer says otherwise.
Catherine Ross is the Lorain County reporter at News 5 Cleveland. Follow her on X @CatherineRossTV, on Facebook CatherineRossTV or email her at Catherine.Ross@wews.com.
