LORAIN — The Colorado Avenue Industrial Park has an interested buyer.
On the city’s east side bordering the Black River, the city owns almost 200 acres of property developed to create an industrial parkway along River Industrial Park Road, which is normally blocked with large concrete barricades. Often the site of cleanups in the summer, it could soon be home to a cold food storage.
Tom Brown, executive director of the Lorain Port Authority, said the deal is something he and the city have been working on for quite some time. The developer, Karis Capital, is making a roughly $35 million investment into the property. It is interested in buying several parcels and is willing to commit to creating 100 jobs with a payroll in excess of $4 million — meaning an income tax revenue for the city of about $105,000.
Councilwoman Beth Henley, D-Ward 1, said it was probably the best thing that has happened in her ward in a quarter-century. Known often as the “road to nowhere,” she hoped the development would spur further investment in the city.
Read the full article here: https://chroniclet.com/news/237552/colorado-avenue-industrial-park-sees-potential-development-in-lorain/