Midway Mall could see new owner in July

Elyria’s Midway Mall is expected to be sold in July, according to Mayor Holly Brinda.

Elyria’s Midway Mall is expected to be sold in July, according to Mayor Holly Brinda.

Brinda was keeping City Council abreast of the negotiations and said this is something that has been anticipated.

“This is of no surprise,” she said. “We were told the sale would happen in the second quarter of this year.”

Brinda said she has been in contact with individual developers who have provided some suggestions on needed changes to make the area more viable.

In 2016, Elyria commissioned a Highest Best Use Study and Redevelopment Plan for Midway Mall through Jeff Green Partners and the Hoffman Strategy Group.

Mall asset managers are using the study to attract a developer instead of investing in the property.

The findings of the study include recommendations to redevelop a smaller, retail and mixed use town center-like attraction, keeping JC Penny at the forefront, adding entertainment businesses, relocating some businesses that are across the street from Midway Mall, adding apartments and another hotel.

The study found without redevelopment, Elyria could see $892 million in residential retail spending outside the Midway Mall/city of Elyria trade area.

The city also has the option of assisting developers with financing tools, the mayor said.

If the city wanted to get involved with the redevelopment of the property, assistance could include tax increment financing, capital lease financing or reinvestment abatement, according to Brinda.

“We will use some of the public developers plan to determine if it’s worth the city getting involved,” she said.

On June 6, Sears announced the closing of its Midway Mall location, but that will not impact any plans with developers, Brinda said.

“When we developed the Highest Best Use Study and Redevelopment Plan, Sears was not included because we were told Sears was nationally in dire financial straits,” she said. “Of course, we don’t want them to close, but we were expecting this to happen.”

Lorain County Auditor Craig Snodgrass said the city is laying the groundwork and foundation for the rebirth of the mall area.