The Lorain County Port Authority announced Tuesday that the planned sale of Midway Mall will not move forward. Industrial Commercial Properties, known as ICP, ended its purchase agreement after completing its due diligence review.
According to the Port Authority, ICP notified officials on November 26 that it intended to terminate the agreement before the final deadline of December 1. Officials said ICP had participated in the process in good faith but ultimately made a business decision not to continue.
ICP signed the purchase contract in April and extended its due diligence period twice during the review. The company was selected as one of two finalists earlier this year during the request for qualifications process. ICP had planned to buy the 865,000-square-foot property for $17 million and invest an additional $25 million to convert the site into a business and light industry facility. The company has completed similar redevelopment projects at former malls in Akron, North Randall, and Garfield Heights.
The other finalist was the Center for Food Innovation, which proposed a concept called The Garden. That plan focused on food production and distribution along with retail and residential features.
Port Authority leaders say they remain committed to finding a new development team for the property. They continue to view Midway Mall as a distressed but important regional site and plan to work with local, regional, and state partners to pursue long-term redevelopment options.
This remains a developing situation. More information will be shared as it becomes available.