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Plans Advance for Office Project Near Oakley Station

26 May 2015, 8:28 pm

By Adrian Maties, Associate Editor

A city-owned parcel left over from the Kennedy Connector project could become the site of a new office building and mark a developer’s debut in Cincinnati.

According to the Cincinnati Business Courier, Brian Swift, owner of Fountain Realty Investments L.L.C., has a preferred developer agreement with the city of Cincinnati to buy a parcel along Interstate 71 near the 74-acre Oakley Station mixed-use development.

Swift is negotiating the acquisition of the site, where he plans to develop a 45,000-square-foot office building called Kennedy Crossing. The project would be the developer’s first in Cincinnati.

The project is expected to cost between $5 million and $7 million. Swift plans to start construction as soon as he secures a lease with a tenant for at least part of the building.

Joe Janszen, a vice president in the Cincinnati office of DTZ, is the listing agent for the development. According to a brochure from DTZ, the project calls for a three-story building with 225 parking spaces, 36 of them in an underground garage.

Photo credit: DTZ

Former Ramada Trades for $2.5M

26 May 2015, 2:27 pm

By Adrian Maties, Associate Editor

Guest Inn and Suites Cincinnati

A former Ramada located just outside Cincinnati’s central business district is under new ownership. An affiliate of New Zealand-based VR Group bought the property at 800 W. Eighth St. for $2.5 million, the Cincinnati Business Courier reports. AAIG of Cincinnati L.L.C., a partnership of California investors, was the seller.

Completed in 1964, the 12-story, 122,000-square-foot property offers 225 guestrooms, as well as an outdoor pool, restaurant, lounge and five conference rooms. The hotel was most recently renovated about five years ago. It became independent in 2014 and is now known as the Guest Inn and Suites.

AAIG of Cincinnati bought the hotel in 2008 for $2.8 million, from a subsidiary of Neyer Holdings Corp. It listed the property for sale at the start of 2014. The listed price was $3.6 million. Centerville-based Baltes Commercial Realty marketed the property.

The new owners did not immediately disclose their plans for the property. According to the Business Courier, a building permit for $50,000 in interior renovations was issued in March.

Photo credit: Guest Inn and Suites Cincinnati

Developer Names Hotel Flag for Madisonville Project

26 May 2015, 2:01 pm

By Adrian Maties, Associate Editor

More details have come to light about the $124 million mixed-use development in Madisonville. RBM Development Company L.L.C., the project’s developer, has entered into an agreement with the Wyndham Hotel Group to brand and manage a planned $60 million hotel at the site under its Dolce Hotels and Resorts flag.

The new hotel will be the centerpiece of the $124 million Madison Center development. It will have 217 guest rooms, with an average room size of 400 square feet. Hotel features include an eight-story atrium, art collections, 22,000 square feet of function space, a rooftop garden, a restaurant, a bar and lounge, and a health club. The developers also plan to apply for LEED certification. The new Dolce hotel is scheduled to open in 2017.

In a statement, Wyndham said that this is the first agreement to be signed under the Dolce name since purchasing the brand in February. The acquisition greatly expanded Wyndham’s managed portfolio, as well as its presence in the group and meetings segment.

The Dolce brand portfolio currently consists of 24 upper-upscale hotels, resorts, conference centers and day meeting centers, and more than 5,500 guest rooms. These properties are located in seven countries, in Europe and North America.

City Council Approves $126M Redevelopment

21 May 2015, 3:34 am

By Adrian Maties, Associate Editor

Last week, the Cincinnati City Council unanimously approved a development agreement with RBM Development for a $126 million investment at the Madisonville campus of Medpace Inc. RBM is owned by Dr. August Troendle, Medpace’s founder and CEO.

RBM will redevelop the remaining eight acres of the 22-acre former NuTone manufacturing property. The site will be home to a $60 million, 217-key hotel; two office buildings, with a total of 160,000 square feet, to be built at a cost of $39.75 million; and 75,000 square feet of retail space, at a cost of $23.75 million. Retail tenants could include banks, pharmacies and restaurants. The project also calls for various public improvements, such as roadways, parking facilities and a public plaza.

The cost of the private development is expected to be $95.5 million. Public investments are estimated at $30.5 million. RBM plans to finance the public improvements be entering into a separate agreement with the Port of Greater Cincinnati Development Authority, which will issue $38 million in bonds.

The project is expected to create approximately 220 construction jobs, with an estimated total payroll of $17.8 million. It will also create about 700 permanents jobs, with an estimated annual payroll of $25 million.

After Delays, Home2 Suites Nears Construction

21 May 2015, 3:20 am

By Adrian Maties, Associate Editor

Liberty Township is getting a new Home2 Suites by Hilton. Crestpoint Cos. of Mason will start work on the $9 million project during the first week of June.

Crestpoint intended to start work on the hotel in 2014 and open it this year. But, according to the Journal-News, the groundbreaking was delayed, because obtaining easements and permits took longer than expected.

Plans call for a 92-suite property on a 2.4-acre site, at 7145 Liberty Centre Drive off the Cincinnati-Dayton Road exit of Ohio 129. The hotel will provide amenities and facilities characteristic of the Home2 Suites brand, such as the work-and-socialize Oasis lobby/gathering area, a business center, an indoor pool, a fitness area and a Home2 MKT store. It will also be constructed from eco-friendly materials and will include energy-efficient appliances, as well as water conserving fixtures.

Kal Patel, president & CEO of Crestpoint, told the Journal-News that he expects the new hotel to open next year and will employ about 24 people.

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