The Chinese investment firm Dashing Pacific purchased The Docks restaurant complex for $2.15 million and have their eyes set on developing the 127-acre Marina District.
Dashing Pacific completed the purchase of 69 acres of Marina District property on July 1 for $3.8 million. The agreement includes additional options for Dashing Pacific to purchase and develop additional land in the Marina District.
At a groundbreaking ceremony on July 1, Wu King Hung of Dashing Pacific said, “Thanks for the vision and trust. Today is not only an accomplishment, but it is a commitment and a promise to the future of the Marina District.”
|From Chinese firm Dashing Pacific, Wu Kin Hung: Mayor Mike
Bell; Dean Monske, President of Regional Growth Partnership;
Jimmy Wu; Vicki Wu: and Yuan Ziaohong at the Marina District
groundbreaking last summer. (Press file photo by Scott Grau)
Dashing Pacific plans to invest $200 to $300 million into developing the riverfront property. District 3 Councilman Mike Craig says market studies and architectural review continues, but no detailed plans have been released yet.
“We are all excited about the sale of the Marina District and The Docks and look forward to those projects getting under way,” Mayor Mike Bell said at his annual State of the City address.
“Other, privately led foreign investment and development is likely to follow. These projects are big and exciting, but they are not going to fix all that ails our local economy,” Bell continued.
Bell said he is looking forward to the opening of Hollywood Casino-Toledo, under construction at the other end of the river from the Marina District,
In August, public officials and community leaders joined Penn National Gaming, Inc. Thursday for the groundbreaking of the $250 million Hollywood Casino-Toledo. Originally scheduled to open in the first half of 2012, it has been pushed back.
The casino project is expected to create 2,100 new jobs during construction and employ 1,200 once it opens — with at least 90 percent of the permanent jobs designated for residents of the Toledo metropolitan area. General Manager Richard St. Jean said 30,000 applications were turned in for 1,200 jobs.
A projected $25.3 million in annual tax revenue is expected to be generated for the City of Toledo, Lucas County and the county’s school districts once all four of Ohio’s authorized casinos are open. The State of Ohio will receive a $50 million license fee dedicated to workforce development programs, bringing Penn Nationals’ investment in the project to $300 million.
“Delays at the state level have made a dent in the initial revenue projections the City of Toledo anticipated for this project in 2012,” Mayor Bell said. “We estimate a loss of nearly $500,000 monthly until the casino is able to open their doors.
“The city will continue to support Penn National’s efforts as they look to complete construction and hire local employees from around Northwest Ohio to fully staff the casino and help get Toledoans back to work. I also look forward to the spin off benefits this new attraction has the potential to provide for our hospitality and restaurant industry,” Bell continued.
The 290,000 square foot casino includes structured parking on a 44-acre site in East Toledo on the banks of the Maumee River opposite downtown Toledo.
The casino’s art deco architectural design will be visible from Interstate 75, and the casino can be reached via the Miami Street exit. The gambling complex will be adjacent to the Libbey-Owens-Ford/Pilkington industrial complex at the Toledo-Rossford border.
Other projects in East Toledo include —
• The City of Toledo unveiled a five-acre solar field on the grounds of its Collins Park Water Treatment Plant in East Toledo. The project is the culmination of $5.2 million in public/private partnership investment to bring clean, alternative energy to the city while reducing energy consumption costs for the plant.
• The Toledo-Lucas County Port Authority’s Ironville Terminal, named for the old neighborhood, is getting a public/private investment that could be worth $18 million. Currently the project is in Phase One, the construction of a rail line made possible by $5 million in Obs Ready Sites Grant Funding.
• Seneca Petroleum Corporation is expanding its east side operations on the former site of Interlake Iron Corporation Plant on Front Street. Seneca currently has a small tank farm adjacent to port authority owned property, but the port has extended its lease to Seneca to include 14½ acres of vacant land that decades ago was once part of the coking operation. The property went under a $3 million remediation, and Seneca plans to hire 10 additional workers.
• The port authority and Saint Lawrence Seaway Development Corporation released a port economic impact study indicating the port generates 7,000 jobs and cargo activity creates more than $1 billion in economic output.
• Another report, this one by HIS Global Tonight for the United States Conference of Mayors, included Toledo among five large metro areas expected to not recover from the recession until the next decade.
• East Toledo United, a realization of a $200,000 T-grant from the Local Initiatives Support Coalition, became reality. Coordinator Jodi Gross was hired by the East Toledo Family Center to oversee the project.
• The new Lucas County Land Reutilization Corporation, the second land bank set up in Ohio, can acquire and sell foreclosed tax delinquent properties without going through the long court process leading to a sheriff’s sale. The process provides buyers with clear titles while eliminating back taxes, and offers an opportunity to revitalize overgrown lots, vacant and dilapidated housing, and abandoned industrial or commercial property.
• A sculpture standing over 40 feet tall with two large kinetic elements that move was erected at Ravine Park II to honor the loss of five tradesman killed and recognize those who constructed the Veterans Glass City Skyway bridge, Toledo’s new Interstate 280 signature bridge that crosses the Maumee River.