Blue Ash makes decision on $100 million mixed-use projects bizjournals.com/cincinnati/news/2018/01/26/blue-ash-makes-decision-on-100-million-mixed-use.html
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In This Article By Tom Demeropolis – Senior Staff Reporter, Cincinnati Business Courier Jan 26, 2018, 7:06am EST Updated 34 minutes ago During a special session on Thursday night, Blue Ash City Council made a decision on the final development plan for a new mixed-use building and life plan community in the Neighborhoods at Summit Park. City council approved the final development plan for the mixed-use building being developed by Al Neyer, Vandercar Holdings LLC and Fortus Group and the senior living community, which would be developed by Fortus. Combined the projects are expected to be an investment of more than $95 million. The vote was 5-2, with council members Pramod “PJ” Jhaveri and Joe Leet voting against the final development plans. The council was going to vote on the final development plans on Jan. 12, but delayed the vote after the development team said it would place a permanent restriction on residential rental product for the remainder of the development and provide Blue Ash with a $1 million 1/3
performance bond where if it’s not in for permit on an office building at the Neighborhoods of Summit Park within 24 months, it would forfeit that money to the city. Tom Wilson, director of real estate development with Al Neyer, said the approval helps continue the excitement the development team is seeing with Daventry, the single-family portion of the project. “It’s important to keep the momentum going,” Wilson told me. There are viable prospects for the office component of the development that are asking about the mixed-use environment at the site and are looking for it to show up as fast as possible, he said. Kelly Harrington, assistant city manager, said the council analyzed many factors before voting. "The Neighborhoods at Summit Park development will provide amenities for our residents and visitors while also giving the city a new advantage to attract and retain businesses," Harrington said. Rob Smyjunas, CEO of Vandercar, said he appreciates “the trust of council and the administration in giving us this positive vote.” Stephen Dronen, director of development for Fortus, said he’s happy to be moving forward with the projects that have been in the works for about two years. “This will bring a lot of life and energy to the area around Summit Park,” Dronen said. Infrastructure work at the site will happen first. Dronen said both the mixed-use building and life planning community are nearly ready to go in for permits. The mixed-use block, which includes three buildings in total and structured parking, will have a total of 290 apartments, 39,250 square feet of street-level commercial space, 344 structured parking spaces, 72 interior spaces and another 56 on-street parking spaces. The total investment for this project is expected to be $50 million to $55 million.
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Enlarge The senior living community will offer will offer independent living for people 55 and older who are looking for an active lifestyle, assisted living where residents maintain their independence with a private residence while also having around-the-clock support from nearby caregivers, and memory care for those residents that require specially trained caregivers and a physical environment that supports people with Alzheimer’s or other memory loss. This 201-unit community is expected to be an investment of more than $40 million. Construction for each project is expected to take about two years. Dronen is looking at delivering the first apartments in the fourth quarter of 2019 and having both projects completed in the first half 2020.
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