CINCINNATI-The University of Cincinnati, through its Clifton Heights Community Urban Redevelopment Corp., is funding a $68 million mixed-use development here at Calhoun and McMillan streets. The developers, Al. Neyer Inc. and Towne Properties LLC, recently hired Cassidy Turley to lease out the project. 

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

The property doesn’t have any signed leases yet, but John Heekin tells GlobeSt.com that there are eight letters of intent out on the retail side. Kroger, not part of the site, is redoing a store about 1,000 feet from the project, and will reopen in 2011. Heekin says his site will cater to tenants of no more than 20,000 square feet. “There’s really good restaurant interest, and we’re trying to get some fashion,” he says.

The area could use some new retail, as the project is the first built in about 43 years, Heekin said. “Bear Creek was a major developer here in the early 2000s, but they hit a wall, and a lot of their projects are sitting half finished or empty. We’re suffering a little with the market rates because of that. However, we do have lower unemployment and a diverse economy, and we don’t have  a lot of small shop space available,” he says.

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

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

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