Old Midtown Plaza Gets New Name And lLook
LRC Realty is in the midst of an $8.5 million overhaul of Midtown Plaza, giving the shopping center a modern look and a new name, Quarry Square. The project includes a 20,000-square-foot Aldi and a new Planet Fitness. The redevelopment will add energy-efficient LED lighting, improvements to the parking lot and an update to the façade.
The city is working with LRC to cover $2.5 million of the project cost through a tax increment financing agreement that will re-invest the increase in property taxes – resulting from the redevelopment – back to the Quarry Square project. The deal doesn’t include annual property taxes the Parma City School District receives.
“We want to invest in our city using this economic development tool that allows us to keep the schools whole,” said Parma Mayor Tim DeGeeter. He added that the new Quarry Square will help attract additional retailers to the city's third-largest shopping plaza.
“The major facelift to the plaza, as well as its rebranding, gives the center a much-needed reboot that symbolizes real momentum for Quarry District,” Parma Ward 4 Councilwoman Kristin Saban said. “It’s been a longtime in the making for an important area of the city.”
Carolyn J. Kovach
Director of Communications, City of Parma, Mayor's Office