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by David Jacobs, Blade staff writer
The Blade (Toledo, OH)
01-29-98
The city of Maumee has received assurances that the development of 430 acres envisioned for an upscale shopping mall and other building projects will be well planned.
"We have a great deal of work to do in the design and development phase, but we look forward to working with the administration, as well as the council and the planning commission," said L.A. "Zac" Isaac, vice president-real estate and general counsel for The Isaac Corporation and Isaac Property Co.
"We give you our full assurance that we will develop a first-class project out there," Mr. Isaac told Maumee council last week.
The sale of the Toledo-owned land north of U.S. 23 and west of I-475 to Isaac Group Holdings, Inc., of Bryan for $6.51 million officially closed Jan. 19, he said. Plans call for the Chicago-based General Growth Properties, Inc., to build a mall on about one-third of the acreage, officials have said.
While the mall proposal "has received a great deal of attention, that is just merely a very small part of what we hope to be a very long-term, first-class project that would include an office-park area, a light-industrial warehouse area, [and] additional retail," Mr. Isaac said.
Nearby land has been purchased for single family and multiple-family housing, he said.
"Our plan is for an approximately 700-acre, master-plan community that we look forward to working with the council and the administration on," Mr. Isaac said.
General Growth has "a great deal of interest" in more anchor department stores than it needs for the proposed mall, Mr. Isaac said.
These include "several new to the area, several existing in the area," he told council.
"At this point, there is nothing signed, so we're not able to disclose who we're working with," Mr. Isaac said. "But I think you'll be pleased with the final outcome.
"We think this project will be, hopefully, the best planned and best designed in the entire northwest Ohio. That is our goal and our pledge to you that we will do that," he told council.
Earlier Mr. Isaac assured the council members that Toledo Mayor Carty Finkbeiner will have "no influence or effect on what goes on that property," he said earlier.
Maumee officials expressed pleasure with Mr. Isaac's comments.
"The most important thing he said is that there's still a lot of work to do," Mayor Stephen Pauken said.
The mayor expressed hope that media attention on the project has assured area residents that "there won't be smoke-belching factories out there, and this project will not proceed until the city of Maumee, both the planning commission and city council, have done a thorough review of the process."
The aim, the mayor said, "is a quality project for all the people of Maumee."
Mayor Pauken became upset a couple of weeks ago when he read that Mayor Finkbeiner had threatened to build "smoke-belching factories" next to the proposed mall if General Growth fails to land upscale anchor tenants.
Howard Teifke, president of Maumee council, spoke privately with Mr. Isaac following the comments to council.
"He said, 'I can't do anything without the support of the administration and the council.'" Mr. Teifke said. "It was nice of him to come and spend the evening here."
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