MISHAWAKA — Toscana Park, an outdoor shopping center located along Gumwood Road in Mishawaka, has been sold.
Great Lakes Capital Development in South Bend has completed the purchase of the 36-acre property from Macri Development for an undisclosed sum.
The new owners of Toscana Park, which opened in 2007, plan to aggressively market the center at much lower leasing rates and retain the European-style architecture of the storefronts. Much of the center is now vacant.
Great Lakes Capital also is proposing the construction of new high-end residential housing to the north of the shopping and dining complex. The residences, comprising about a dozen buildings, could break ground next spring if approved by city of Mishawaka officials.
The residential units could be completed in fall 2012.
"The attached residential will assist in the strength of existing retail, but that alone will not create the necessary demand" to make Toscana Park a runaway success, said Ryan Rans, a principle at Great Lakes Capital. "We look at it as part of a comprehensive picture."
Read more about the project in Sunday’s Market Basket column.