OH developer proposes $1.5B rural mixed-use complex
- An Ohio developer has proposed a $1.5 billion, 1,400-acre mixed-use complex for a rural area between Cincinnati and Dayton in Warren County, OH, according to the Dayton Business Journal.
- Otterbein Senior Lifestyle Choices said Union Village would eventually have 4,500 residential units — a mix of single-family homes, condos and apartments — a central development with commercial and retail space, and a $15 million sports complex. Developers expect to begin construction in mid-2018.
- Construction would first begin on approximately 50 homes and part of the commercial component, but developers anticipate the entire project taking decades. Earlier this week, Turtle Township, OH, approved a tax increment financing deal that would see property taxes cut up to 50% over the next 30 years for the project.
Ohio has seen a surge of mixed-use project activity in the last several months. Plans are underway for a $500 million mixed-use project in downtown Columbus. The largest such project in Columbus history, developers have proposed 3.1 million square feet of residential, office entertainment and retail space, in addition to a 240-room hotel. City officials have also come up with an incentives package for the development, which includes 15-year tax abatements, a perk that all new construction projects in the city's central business district receive.
Just this week, Cleveland-area developers Fairmount Properties and DiGeronimo Cos. announced they had secured a $142 million construction loan for a $230 million, Cleveland-area mixed-use project. The 58-acre Pinecrest development's commercial and retail components are significantly pre-leased and will include 400,000 square feet of retail and restaurants, 75,000 square feet of Class A office space, nearly 90 apartments and an AC Hotel by Marriott.
However, Otterbein plans to build its village from the ground up in a rural area — a move that is also happening in the once-sleepy town of Frisco, TX, where billions of dollars of mixed-use developments are springing up. Dubbed the "$5 billion mile," Frisco is now home to the Dallas Cowboys' world headquarters, along with the team's Star in Frisco mixed-use development.
Another large project there is the $1.5 billion Frisco Station. When complete, that project will feature a newly-announced apartment tower, another 2,400 residential units, a 40-acre medical center, three hotels and 300,000 square feet of retail, dining and entertainment space.
- Dayton Business Journal Warren County developers plan $1.5 billion mixed-use village center
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