A big ceremonial groundbreaking for Dashing Pacific's $200 million development project is scheduled to take place at the Marina District on Saturday morning at 11:30 a.m. But now word yet on when the real construction will begin.
Within a matter of day, Dashing Pacific Group will be the new owner of 69 acres of the Marina District.
"I think it sends a very clear message that Toledo is rebounding," says Tom Crothers, Deputy Mayor of External Relations for the City of Toledo. "We're on the way up and this is going to be a monumental development on our riverfront."
Crothers expects the closing to be done before Saturday's groundbreaking.
"Well, I certainly do," says Crothers. "I expect it to be done by the end of the week."
Actual construction of the development of retail, office and living space may not begin for months, but Saturday's ceremony holds a special meaning for the Chinese investors and the mayor, who have each gone half-way around the world multiple times to make this deal happen.
"It's definitely symbolic," says Crothers. "It says, 'We're going to turn some earth here.' They [Dashing Pacific] are doing their due diligence right now with architectural firms and engineering firms and conceptual thoughts on their part."
Once both sides close on the sale, that doesn't mean the city has no say about the future of the property.
"The City of Toledo has an architectural review committee in place and an overlay district there," says Crothers. "Whatever they come up with they will be doing that in concert with our planning commission and with the neighborhood."
Not only are the investors with Dashing Pacific investing here in the Marina District, but they're also looking into the possibility of putting down some permanent roots here in Toledo with buying a home.
"We do believe that they have looked at some residential real estate around town," says Crothers. "So they could be moving here?" asks Christine. "They could," says Crothers. "We like to think of Toledo as their second home."
