Port Authority Remains Hopeful for Midway Mall’s Future After Setback

The Lorain County Port Authority is maintaining a positive outlook for the future of Midway Mall in Elyria, Ohio, despite a recent setback. A prospective buyer, Industrial Commercial Properties (ICP), has withdrawn its purchase agreement, citing unsatisfactory findings during the due diligence period. This announcement comes as local leaders seek new opportunities to revitalize the declining shopping center.

Port Authority Executive Director Jim Miller expressed his determination to find a suitable developer for the mall. He remarked, “The key is to keep on swinging, keep getting in there, keep batting, and we’ll find the right fit.” Although ICP did not provide specific reasons for its decision to back out, Miller noted that changing economic conditions and the departure of key team members from the project likely influenced their choice.

Originally, ICP had proposed a significant investment of $42 million to transform the mall into a light industrial park, a project that promised to generate hundreds of jobs in the area. While that vision will not materialize, Miller sees potential in the setback, stating, “If it wasn’t right for them, it probably isn’t right for Lorain County and for the city of Elyria. And we’d rather go with someone who it is right for.”

The Port Authority has received interest from several other developers in recent months but was unable to engage with them while under contract with ICP. Now that the agreement has been terminated, Miller has invited prospective developers to submit formal proposals for the property.

Strongly positioned near major transportation routes, Midway Mall’s location is considered advantageous for various potential uses. Miller highlighted its suitability for logistics and residential development, noting, “You’re between two interstates that can get you anywhere you want in Northeast Ohio fairly quickly.” He also mentioned the site’s substantial power capabilities, which could attract a range of industrial or commercial ventures.

A meeting of the Port Authority board is scheduled for December 11, 2023, where Miller plans to discuss future options in an executive session. Depending on the board’s decisions, the Port Authority may proceed with new development plans or issue another request for proposals.

Meanwhile, the remaining businesses operating within Midway Mall are currently on month-to-month leases. They will be permitted to remain in the property until a new developer implements changes. The Port Authority’s proactive stance reflects its commitment to revitalizing the area and fostering economic growth in Lorain County.