Industrial Commercial Properties LLC has terminated its purchase agreement for the Midway Mall property.
The Lorain County Port Authority said it received notice of the termination on Nov. 26, citing the buyer’s dissatisfaction with the results of its due diligence review.
Port Authority chair James Miller said ICP entered the process of purchasing the former mall in "good faith."
“We appreciate the professionalism that ICP demonstrated throughout these many months,” Miller said. “While this outcome is not what any of us hoped for, we respect their internal business decision and wish them well moving forward.”
ICP purchased the property in May of 2024, after the Post Authority had purchased it in 2023 to turn the former mall into a health, wellness and industrial innovation park.
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The Port Authority said that during the period in which the agreement stalled, it was approached by "several qualified parties that did not participate in the original RFQ process" who expressed interest in the project. Now that ICP's purchase has been terminated, the Port Authority said it can evaluate future pathways for the site.
