Industrial Commercial Properties LLC has acquired the 18-acre Dillard’s site at Midway Mall in Elyria, according to a press release from the City of Elyria Mayor’s Office. Earlier this year ICP purchased the Sears building and Sears Auto Center located on 17 acres on the western edge of the property.
“We believe this location is uniquely positioned for redevelopment,” said ICP Owner Chris Semarjian. “There are significant opportunities within regional retail hubs like Midway Mall, including visibility, excellent interstate access to both I-80 and I-90, additional developable land, and proximity to population.”
ICP acquired Randall Park Mall in 2014, which is now home to a 960,000-square-foot Amazon Fulfillment Center and several outparcels are being redeveloped as retail. The developer also retrofitted the North Randall Sears building to create a fully occupied multi-tenant industrial facility. ICP also converted the former Walmart in Bedford into an industrial facility and has subsequently leased the entire building to a single tenant.
Mayor Brinda said in a statement, “As we work through the revitalization of this property, the City and the Elyria Community Improvement Corporation are prepared to work with ICP to maximize opportunities using proven financing and incentive tools that will ultimately result in productive reuse and revenue-producing properties.”
According to the mayor, in late 2017, a $23 million highway reconfiguration that widened State Route 57 and removed the 49th Street Bridge improved access to this property. As a result, a new hotel has been built, a Giant Eagle GetGo is under construction, and several regional businesses have relocated to the area.
The city’s redevelopment plan examined highest and best uses for the property and recommended right-sizing retail, and incorporating a different mix of retail, entertainment, office, hotel, and mixed-use residential housing.
