The redevelopment of the Broadway Building is moving forward – on paper for now and at the corner of Broadway and West Erie Avenue soon, according to the Lorain Port Authority.
Spitzer Great Lakes Ltd. Co. has signed the donation agreement to give the building at 301 Broadway to the Lorain Port Authority.
The Port, in turn, will lease the building to 301 Broadway Partners LLC, the company of developer James Louthen.
The 301 Broadway Partners will have an option to buy the building for $1,000 until Nov. 30, 2018.
“I think it’s a major step toward the redevelopment of that building,” said Rick Novak, executive director of the Lorain Port Authority.
The agreement is contingent upon Louthen completing the financial details to pay for restoration of the building, Novak said.