City Council members Monday agreed to sell 18.2 acres of land in Brunswick Town Center to a Canton-based developer.
McKinley Development Co. plans to build a hotel, luxury apartments and senior living complex in three phases.
The $1.8 million sale will help to pay off the cost of developing Brunswick Town Center, city Finance Director Todd Fischer said.
Fischer said money from the sale will go to pay back a Brunswick Lake Fund, used to develop the Brunswick Town Center area.
“Back when they started developing Brunswick Town Center, the city’s general fund loaned money to the Brunswick Lake Fund,” Fischer said. “The city is still owed about $1.4 million for costs associated with development and sale of the properties.”
The shopping plaza already has some retail shops and restaurants along a small pedestrian friendly strip and anchor tenants of Home Depot and Giant Eagle on the east and west ends of the development.
The 18.2 acres the city sold to McKinley Development is at the southernmost end of the plaza.
Fisher said the idea of developing the plaza was never to make a profit on the sale of property, but to encourage long-term economic development.
The developer’s plans for a hotel, 105 to 114 luxury apartments and between 80 and 100 assisted-living senior housing units are included in the contract Council approved Monday night.
“What we’re doing is creating a draw for the community in a hotel and more housing,” Fischer said. “The housing is a need the community has.”
Tim Smith, the city’s economic development manager, agreed with Fischer that the goal of the sale was to stimulate development.
Smith estimates McKinley’s plans will bring $40 million in construction projects and should spark interest in Brunswick Town Center’s vacant storefronts.
Council members approved the sales contract by a vote of 6-0. Councilman Anthony Capretta, 4th Ward, was absent.
Before work can begin, paperwork must be completed and approved by the city’s Planning Commission.
Bill Lemon, a spokesman for McKinley Development, said the work wouldn’t begin until mid-2014.
Contact reporter Loren Genson at (330) 721-4063 or firstname.lastname@example.org.