Fort Industry Square Shaping Up for the Future
Fort Industry Square, the collection of historic buildings in downtown Toledo along Summit Street between Monroe and Jefferson, is experiencing a total transformation inside and out.
ProMedica, which had purchased roughly three quarters of the site’s 144,000 square feet several years ago, recently sold their portion to a developer who now controls the entire complex. His plans are to transition it into a mixed-use, designed-to-suit Class A complex.
Many businesses have occupied the 125-year-old property overlooking the Maumee River throughout the years — most notably the radio station FM 104.7 WIOT, the jazz club Murphy’s Place, the Scottish restaurant The Bagpiper and Mootz Candy Shop. In the past few decades, however, it’s primarily been used as office space. And without its own parking, occupancy has remained relatively low.
But with this major renovation and development in the works, big changes are just around the corner for Fort Industry Square. The mixed-use complex will function as a retail corridor servicing the main downtown thoroughfare, complete with great views of the waterfront.
“The plan is to develop [the buildings from 116 to 152 Summit] for residential and retail use,” said Serena Smith, ProMedica’s Marketing Communications Manager. In addition to office, entertainment and restaurant space for lease, there will be 95 apartment units for rent.
ComLink Realty agent Michael McCarthy, who has been attracting new tenants to consider moving their businesses to the property, hopes to bring in those that help underscore the building’s unique character — and be a part of history in the making.
“This project is playing a big part in downtown Toledo’s rebirth. It’s the perfect time for exciting businesses to open up at Fort Industry Square,” McCarthy said.
“And this isn’t just a facade change,” he added. “It’ll be a completely brand-new block, which will include a revamping of the streetscape.”
The front hallway currently connecting the buildings will be removed and opened up to have storefronts with planned street parking, making it the ideal commercial and residential experience. Additional parking will be available in the lot behind the building alongside Water Street.
As the project develops, confidence is high that the redevelopment will recapture the fond memories of Toledo’s past and usher in a new spirit of optimism downtown.
“We look forward to seeing this development take shape and bring back the energy that once existed along this stretch of Summit Street decades ago, back when it was a bustling commercial hub,” ProMedica President Randy Oostra said.
Completion of renovation and redevelopment is expected sometime in early to mid 2019.