Mall being sold

A Toledo-based real estate development and management company announced Saturday it was moving forward with purchasing Tiffin Mall for $2.2 million. According to a release from Seneca Industrial and Economic Development Corp., Key Hotel and Property Management is to buy the mall. SIEDC president and CEO David Zak said he thought it was exciting news for the community. “We are pleased a deal has been struck,” Zak said. “(This is) a developer that is ready to make a significant investment.” The release states KHPM CEO Steve Roumaya believes Tiffin is a growing community. “For the last couple of years, the retail market has been hot in Tiffin,” Roumaya said in the release. “We see that there is significant demand for additional shopping options. We look forward to working with all existing mall tenants as well as other area businesses to help them succeed.” SIEDC Development Coordinator Bryce Riggs said Roumaya and his team already have met with several tenants in the mall. “He will meet with them all in the next few weeks,” Riggs said. “They are an important piece of the big puzzle.” Roumaya said his company appreciates all the support it has received from the city of Tiffin and from SIEDC. Zak said finding a new developer for the mall is something SIEDC has been working on for a long time. “This is a long time coming,” Riggs said. “We are excited for the potential growth of this project.” Zak said the deal with KHPM came about in the past few months. “The next step is for the developer to come up with a plan,” Zak said. “After that, we will (help them) like any other significant development.”? The release states KHPM is developing an investment and development strategy for the mall, which it hopes to release in the coming months.?Riggs, whom Zak said did much of the day-to-day facilitation on the project, said the mall has about eight businesses, with the rest of the facility vacant.?He said he was excited to continue working with Roumaya and KHPM. “Their first question to us was, ‘what does Tiffin need,'” Riggs said. “We are excited for this new owner. It’s great to have another partner to work with and it’s good for continued development.”? Riggs said finding a new developer for the mall happened partly because of a philosophy that SIEDC has for all businesses.? “We stress the importance that whoever is looking at Tiffin, we want to make it as easy as possible for them to start their business here,” he said.? Mayor Aaron Montz stated in the release he was happy to welcome Roumaya and his business to the mall in Tiffin.? “We are excited about continuing to create an environment where people do not have to leave to shop and dine,” he said. “We think the project can again help continue our retail momentum.”? “This is just another step forward,” Riggs said.? The release states KHPM was founded in 1994 and has been involved in development projects in Ohio and Michigan, including Bancroft Village and Suder Shoppes in Toledo, Navarre Crossing in Oregon, and River Valley in Monroe, Michigan.?Tiffin Mall, which opened in 1980, was built by Developers Diversified Realty of Cleveland. The mall was sold to the Kohan Retail Investment Group in 2012.?