MIDDLETOWN, Ohio (WDTN) – The City of Middletown City Council will vote to approve an ordinance authorizing the purchase, sale and development of a 1.3-billion-dollar riverfront destination entertainment district and theme park on October 21.
“This will be a transformational redevelopment opportunity for Middletown that came out of a redevelopment study for our riverfront property. It will encompass over 50 acres of our historic Downtown,” said City Manager Jim Palenick. “It is a once-in-a-lifetime opportunity to take full advantage of a myriad of local, city, state and federal incentives we have found a way to access, and in turn, and change the future of our city.”
This announcement comes after a presentation at the October 5 council meeting from Main Street Community Capital, LLC and their development partners, a release by the city of Middletown said.
The City of Middletown said it will partner with Main Street to complete a location-based, entertainment-themed, mixed-use super development known as “Hollywoodland.”
The development is expected to include:
- A first-class, full, service, destination Hotel and attached, publicly-owned convention center with roof-top bar, themed restaurant(s) and assorted amenities
- A second, family-oriented hotel and water park
- A third, historic, boutique hotel located within the adaptively-redeveloped First National Bank building
- A major, indoor entertainment and concert venue for large, nationally and internationally-acclaimed artists and touring Broadway productions
- An indoor amusement park containing multiple, themed entertainment-based rides, virtual reality experiences, immersive entertainment opportunities and integrated retail, food & beverage
- Structured and integrated underground deck-based parking (publicly-owned) of no fewer than 3,000 spaces
- On-site, mid-rise, luxury, market-rate apartment units and/or condominiums
- Permanent, pre-and post-production motion picture studio sound stages and support offices and infrastructure
- Multiple, restaurants, bars, brew-pubs, and cafes, and a likely comedy club
- Integrated fashion, electronic, lifestyle, convenience, and recreational retail
The city expects this project to provide thousands of new jobs, over $1 Billion in private investment and an estimated 3.5 million yearly visitors to Middletown, the release said. The city also expects increased long-term revenues to the community in the form of recurring income taxes, property taxes and other associated fees.
If approved, the City said it will utilize $7.5 million of American Rescue Plan Act funds toward pre-construction design, engineering, financial structuring and other pre-closing, due-diligence efforts.
More information about the project can be found here.