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Continental Seeks Rezoning to Develop M-F Project in Liberty Towship

25 Jan 2015, 5:14 pm

By Adrian Maties, Associate Editor

Continental Properties Co. is gearing up to start work on a 288-unit apartment complex in Liberty Township.

According to the Cincinnati Enquirer, Liberty Township trustees approved the Menomonee Falls, Wis. company’s request to change its land-use plan for a 23-acre parcel at Liberty Office Park to community mixed-use. Before Continental can break ground on the $37 million project, called the Springs at Liberty, it must receive approval to rezone the property.

The Butler County Planning Commission is scheduled to review Continental’s rezoning request on Feb. 10. It will then go before the township zoning commission in March, and Liberty Township trustees will consider the request in April. If officials approve the rezoning, the developers could break ground that month.

Continental expects construction on the Springs at Liberty to take about 18 months. The complex will offer one-, two- and three-bedroom units, as well as a clubhouse, pool, fitness center and other amenities.Sara Johnson, Continental’s development director, told the Enquirer that units will range in size from 575  to 1,430 square feet and will rent for $1,000 to $1,700 per month.

P&G Distribution Center in Union Nears Opening

25 Jan 2015, 2:56 am

By Adrian Maties, Associate Editor

Procter & Gamble’s $89 million distribution center is on track to open next month at Global Logistics Airpark in Union. The project is expected to bring 800 new jobs to the Dayton area.

Prologis Logistics Service Inc., which developed the 1.8 million-square-foot facility, began construction in November 2013. P&G’s distribution center is located on 140 acres west of Dayton International Airport near the northwest section of Jackson Road and Dog Leg Road.

Located at 1800 Union Airpark Blvd., the facility will begin receiving products on Feb. 3 and start shipping on Feb. 23, according to WDTN-TV 2.

To operate the center, P&G selected Exel, a Westerville-based logistics provider. The firm started interviewing last fall and sponsored a job fair at the facility on Jan. 7. Exel has said that its goal is to fill between 300 and 400 positions by the end of the month.

The project required $13.2 million in infrastructure upgrades, including construction of a north-south thoroughfare called Union Airpark Boulevard. To pay for the improvements, the city created a tax increment financing district.

Assurex Stays in Mason, Plans 60 KSF HQ

23 Jan 2015, 5:43 pm

By Adrian Maties, Associate Editor

Assurex Health announced Jan 22 that it will remain in Ohio, despite offers from five other states. The precision medicine company will build a 60,000-square-foot headquarters and clinical laboratory in Mason., where it has been located since 2001.

According to Mayor David Nichols, the company’s presence has helped transform the Mason Campus into a thriving life sciences hub. The city worked together with the Regional Economic Development Initiative (REDI) Cincinnati, and state officials to keep Assurex in Ohio.

The new headquarters will be designed to promote employee wellness and to nurture a collaborative, entrepreneurial culture at the growing company, which has tripled in size to 240 employees during the past three years.

Assurex expects to select a site in the near future. That decision, as well as the project’s completion, is contingent upon the approval of state and local incentives, which is expected soon. The project could be finished as early as 2016.

Schneider Plans High-End Project in Madisonville

20 Jan 2015, 3:37 pm

By Adrian Maties, Associate Editor

In its National Apartment Market Report for 2015, Marcus & Millichap Real Estate Investment Services Inc. predicted that household creation in Cincinnati will accelerate this year, as some of the metro’s Fortune 500 companies expand, thus creating demand for rental housing. One new project has already been announced.

According to the Cincinnati Business Courier, the developer Ray Schneider plans to start work this year on a $25 million luxury community in Cincinnati’s Madisonville neighborhood. The project is named the RED. It calls for the construction of three four-story buildings on seven acres along Red Bank Expressway. The RED will offer 250 one-, two-, and three-bedroom units, as well as underground parking and three restaurants.

Schneider recently presented his plans to Madisonville’s real estate committee and received positive feedback. He hopes to open the first phase of the project by the summer of 2016. Gene Allison of Reztark Design Studio is the project’s architect. A builder has not been selected yet.

Marcus & Millichap reports that developers will deliver 1,550 units this year, bumping up supply by 1 percent. In spite of this, apartment vacancy is projected to drop to 5 percent in 2015. Rents will rise 4.9 percent year over year to $860 per month.

Charts courtesy of Marcus & Millichap.

UD, Concord Hospitality Buy Dayton Marriott

20 Jan 2015, 3:28 pm

By Adrian Maties, Associate Editor

Last month, the University of Dayton announced that, together with Raleigh, N.C.-based Concord Hospitality, it has acquired the Dayton Marriott Hotel at the western gateway of its campus. The purchase price was $18.5 million. UD and Concord will jointly own the property.

The hotel sits on 9.8 acres of riverfront land, on South Patterson Boulevard, in the middle of the university’s expanded campus. It was constructed in 1982 and, according to UD, it was last renovated in 2008. Over the years, it hosted thousands of families, alumni, athletic teams and academic conference participants.

The Dayton Marriott offers 399 guest rooms, including nine suites, 13,600 square feet of meeting space, a full-service restaurant and bar, a health club and indoor/outdoor pool. Although they did not reveal how much they plan to invest, UD and Concord said that they will completely renovate the rooms and baths, upgrade the ballroom, meeting rooms and fitness center, and reconfigure of the existing lobby and restaurant space into a Marriott great room with flexible space for business, recreation and social activities.

The hotel will remain a full-service Marriott. Concord will operate it and oversee its renovation.

Tom Burkhardt, UD’s vice president for finance and administrative services, said that having a first-class, full-service hotel will complement the development of the University’s campus master plan. It includes the multi-million dollar GE Aviation EPISCenter and the Emerson Innovation Center projects.

Photo credit: www.marriott.com

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