Investors working on future plans
TIFFIN, OHIO – September 3, 2016 – Key Hotel and Property Management (KHPM), a Toledo-based real estate development and management company, announced today that it is moving forward with purchasing the Tiffin Mall for $2.2 million from Tiffin Mall Realty, which itself is owned by the Kohan Retail Investment Group out of New York. The firm is currently developing an investment and development strategy for the property, which it hopes to unveil in the coming months.
KHPM CEO Steve Roumaya believes that Tiffin is a community on the move and is ready for additional growth. “For the last couple of years, the retail market has been hot in Tiffin, and we see that there is significant demand for additional shopping options,” he said. “We look forward to working with all existing mall tenants as well as other area businesses to help them succeed, and we appreciate all the support we are receiving from the City of Tiffin and SIEDC.”
Roumaya established Key in 1994 and has been involved in several successful development projects in Ohio and Michigan, including Bancroft Village and Suder Shoppes in Toledo, Navarre Crossings in Oregon, and River Valley in Monroe, Michigan. Ohio.
The Tiffin Mall opened in 1980 and was built by Developers Diversified Realty (DDR) based out of Cleveland, Ohio. In 2005, DDR constructed the movie theater now occupied by Cinemark, and they sold the mall in 2012 to the Kohan Retail Investment Group. The mall currently has 28 retail spaces inside, as well as the theater and two outbuildings. Most of the spaces are currently vacant.
Tiffin Mayor Aaron Montz was pleased with the announcement, saying “We welcome Key’s investment and desire to develop the site here in Tiffin. We are excited about continuing to create an environment where people do not have to leave to shop and dine, and we think the project can again help continue our retail momentum.”
Started in 1983, the Seneca Industrial and Economic Development Corp. (SIEDC) is a private, non-profit corporation dedicated to driving positive economic, downtown, and community development in Tiffin and Seneca County, Ohio, which consistently ranks among the top communities nationally for economic development. Learn more about the great things going on at the company’s blog at http://www.senecasuccess.com.