CINCINNATI-The University ofCincinnati, through its Clifton Heights Community UrbanRedevelopment Corp., is funding a $68 million mixed-use developmenthere at Calhoun and McMillan streets. The developers, Al. NeyerInc. and Towne Properties LLC, recently hired Cassidy Turley tolease out the project.

|

The Uptown Commons site is set to have 87,000 square feet ofretail, 150 apartments, a hotel and about 700 parking spaces whenit opens in fall 2012, according to John Heekin, SVP with Cassidy.He’s joined by VP Andrew Sellet, AVP Sean Wall and Associate MikeHeekin in the marketing program.

|

The property doesn’t have any signed leases yet, but John Heekintells GlobeSt.com that there are eight letters of intent out on theretail side. Kroger, not part of the site, is redoing a store about1,000 feet from the project, and will reopen in 2011. Heekin sayshis site will cater to tenants of no more than 20,000 square feet.“There’s really good restaurant interest, and we’re trying to getsome fashion,” he says.

|

The area could use some new retail, as the project is the firstbuilt in about 43 years, Heekin said. “Bear Creek was a majordeveloper here in the early 2000s, but they hit a wall, and a lotof their projects are sitting half finished or empty. We’resuffering a little with the market rates because of that. However,we do have lower unemployment and a diverse economy, and we don’thave a lot of small shop space available,” he says.

|

Heekin says there’s great spending ability nearby, with theuniversity, a few hospitals, and a new 127-unit residential projectacross the street. He says his project will likely feature aboutthree restaurants, a phone store and fashion shops.

|

As for the hotel, Heekin says he’s talking to several limitedservice hotel operators as well as extended-stay hotels. “This wasthe hardest thing to finance, but we’ve had some interest. Thereare several Marriotts within five miles, so this will likely be aHilton product or something like that,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.