Marina District sale on hold
Fri, 15 Apr 2011 19:22:01 GMT —
The deal the City of Toledo had to sell the Marina District to Dashing Pacific Group has reached a standstill. The Chinese investment company sent a memo to Toledo City Council on Friday, notifying the city the group is reassessing their interest in the property.
The Dashing Pacific Group had initially planned to purchase 69 acres of the Marina District for $3.8 million, an offer that was made above the appraisal price.
Mayor Mike Bell held a press conference today to answer questions about the sale.
Here we had a deal where the investors who were going to purchase this were willing to pay $400,000 more. Dashing Pacific Group had also planned to invest another 200 million in developing the property. Mayor Bell called the deal an investment that many local investors chose not to make. The idea and concept of going to a foreign country and being able to bring back prospective for our city is actually sort of an exciting challenge.
That excitement gave way to today TMs word from Dashing Pacific Group, who says it needs time to reassess the deal. In layman TMs terms what that means is that we don TMt have a deal now, Mayor Bell. According to the administration, the investors became unsure over the past few days after learning of the things that would have to be put into a deed in order for the sale of the property to be finalized.
Contrary to what some people think, Mayor Bell pointed out that the idea that the investors was unwilling to work with union contractors was not true. According to the mayor, Dashing Pacific Group had Rudolph Libbey, a union contractor on board prior to today TMs developments.
Mayor Bell says he TMs hopeful that the deal can be saved. It was my intent to work aggressively to mend whatever fences are necessary.