The City of Toledo announces its plans to purchase the Southwyck Shopping Center.
The announcement, made Sunday in an email on behalf of the city, indicated Louisville Title & Trust executed a purchase agreement of $3 million.
The purchase agreement heads to city council for approval.
The city has created two conceptual drawings for possible future development. Plans to develop the area include using it for business offices.
There is a 120 day due diligence period, which opens up the possibility for the city to work with potential end users. Any action after the period will need approval from council.
In an effort to redevelop the Reynolds Road corridor, recent investments by public and private totaled $36.9 million. In the last 7 years, the city has spent more than $7 million to update the infrastructure surrounding the Southwyck property.
The City of Toledo is spending $434,000 to raze the former Clarion Hotel, which had been vacant and become an eye sore for residents in the area.
The center had closed in 2008. It had first opened in 1972.