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Retail Snapshot: Cincinnati Winning Mixed-Use Concepts Hold Key to Cincinnati’S Retail Rebound

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Retail Snapshot: Cincinnati Winning Mixed-Use Concepts Hold Key to Cincinnati’S Retail Rebound RETAIL SNAPSHOT: CINCINNATI WINNING MIXED-USE CONCEPTS HOLD KEY TO CINCINNATI’S RETAIL REBOUND in this risky environment. John Thompson Senior Vice President The Banks Hits A Home Run College campus mixed-use projects are The Everest Group Our retail update begins on Cincin- nati’s riverfront. Located on the Ohio one of the few ways developers can River between Great American Ball- park and Paul Brown Stadium, the 18- develop in this risky environment. acre mixed-use development known as The Banks continues to add new old Pogue’s Garage at Fourth and Race Kenwood’s Promise housing, offices, dining and entertain- streets. The developers are seeking a About 13 miles northeast of down- If the recession is truly over in Cin- ment. A few more restaurants opened specialty grocer for the first floor of the town Cincinnati in Kenwood, the cinnati and the nation, we are thankful. this past year including The Yard proposed development near Fountain partially completed Kenwood Towne Still, the pace of deal and development House, The Wine Guy Bistro, Ruth’s Square. Place is now called the Kenwood Col- activity is exceedingly slow. Projects Chris Steakhouse and Tin Roof, which The Horseshoe Casino opened in lection. The new owner, Phillips Edi- started before the Great Recession are serves up lunch, dinner and music. downtown late last year, and gambling son & Co., and the leasing team at Jef- proceeding at a cautious speed. Retail The Banks continues to grow its resi- revenues are growing, cutting into the frey R. Anderson Real Estate have set leasing, which has always had a long dential apartment population and has business of southeast Indiana’s casinos their sights on upscale retail tenants deal cycle, now seems to take forever. just unveiled plans for a nine-story, on the Ohio River. and new-to-market tenants. But there are some bright spots in 305-unit apartment building to be con- New developments in the core of That is probably a good idea given Cincinnati. The downtown market structed in 2014. Carter and The Daw- Cincinnati are bringing visitors down- that Kenwood is the top retail desti- is thriving. Steiner + Associates and son Co., both Atlanta-based firms, are town, keeping office workers after nation in the region, drawing from Bucksbaum Retail Properties recent- the master developers of The Banks, hours and helping to build the resi- northern Kentucky, southeast Indiana ly announced that it will soon break a public/private project that includes dential population. and up to and beyond Dayton. ground on Liberty Center, a 1.1 mil- the city of Cincinnati and Hamilton With its premier location fronting lion-square-foot, $325 million mixed- County. Rookwood On a Roll I-71 at Montgomery Road and adja- use development on 64 acres in West In the central business district, Rob About eight miles northeast of cent to the dominant regional mall, Chester, located about 18 miles north Smyjunas, CEO of locally based real downtown Cincinnati in Norwood, Kenwood Towne Centre, the Ken- of downtown. And in an interesting estate development firm Vandercar the third phase of Jeffrey R. Anderson wood Collection development looks twist on new development, college Holdings Inc., and Flaherty & Collins Real Estate Inc.’s highly successful to complete the mix of premium retail- campus mixed-use projects are one of of Indianapolis plan to build a 28-story Rookwood development. Rookwood ers promised when the project began the few ways developers can develop apartment high-rise on the site of the Exchange’s 123-room Courtyard by in 2007. Marriott hotel along with Seasons 52, In other Kenwood news, the site of a fresh grill and wine bar, and Capital a former Lone Star Steakhouse and Grille are all operating. BJ’s Restaurant Saloon at Montgomery and Hosbrook and Brewhouse and Bravo Italian Res- roads is now under construction. The taurant will soon make their debut. new development will feature Coo- “The addition of lodging to the per’s Hawk Winery & Restaurant, Rookwood Exchange filled a gap in which is new to the Cincinnati market, the market that was longing to be ad- with some adjacent strip retail on top dressed, and again offers another ame- of structured parking. nity for the office tenants opting to call Rookwood home,” according to Jeffrey The Buzz at Liberty Center R. Anderson’s website. Liberty Center, the live/work/play Recreational Equipment Inc. (REI), project that Steiner + Associates and the outdoor gear and clothing store, Bucksbaum Retail Properties will co- enjoyed a successful opening late last develop, is located at the intersection year at Rookwood Commons. It was of I-75 and Route 129, about 25 miles REI’s first store to open in Ohio. north of downtown Cincinnati. The Cincinnati/Oakley Station fast-growing communities of Liberty Township, Mason, and West Chester Oakley Station is a 74-acre mixed- that surround Liberty Center are situ- use development on the east side ated along the core of the high-growth of I-71 and Ridge Road, adjacent to I-75 corridor that connects Cincin- the Center of Cincinnati. The second nati and Dayton, and are consistently phase of Center of Cincinnati is fully ranked by national media outlets underway with the 14-screen Cin- among the top places in the nation to emark Oakley Station movie theater live and raise a family. With signed now open along with 10 three-story anchors, Liberty Center promises to apartment buildings. A Kroger Mar- be one of the first major post-recession ketplace, a supercenter, is planned for developments. the site. Steiner has announced Dillard’s as It will be interesting to see how this one of its department store anchors. new Kroger will affect its flagship The project also will feature Cobb The- store at Hyde Park Plaza, which tradi- atres’ CineBistro concept. Six of the 16 tionally has been one of Kroger’s best movie theaters will have a full menu, performing stores in the entire chain seat-side dining and a full bar and ex- and has actually suffered from too tensive wine list, according to the Cin- much business. It is always packed. cinnati Business Courier. The other 10 Rob Smyjunas of Vandercar Holdings theaters will have limited menus for is developing the new store at Oak- food and adult beverages. The mixed- ley, which is less than one mile to the use project will also likely include of- north of the current Kroger. fice space, residential and hotels. 22 • October 2013 • Heartland Real Estate Business www.REBusinessOnline.com RETAIL SNAPSHOT: CINCINNATI Steiner’s success with premier life- Xavier University style center projects such as Easton At Xavier University, the school owns Town Center in Columbus and The a large parcel of land at the corner of Greene in Dayton will be a welcome Montgomery and Dana and has been addition in the growing northern mar- waiting for the economy to strengthen ket of Cincinnati. to try to kick off this project. Phase 1 will include a new campus Northgate Mall bookstore, 180 apartments, some of- On the northwest side of town, fice and first-floor retail. The corner of the Tabani Group has had success in Montgomery Road and Dana Avenue re-tenanting the former Dillard’s at will serve as a gateway entrance to Northgate Mall, which fronts Colerain Xavier University. Avenue. By putting a new façade on the Northern Kentucky University former two-story department store Speaking of gateways, at North- Steiner + Associates and Bucksbaum Retail Properties are developing Liberty and exposing the stores to the street, ern Kentucky University in Highland Center, a 1.1 million-square-foot mixed-use development north of Cincinnati at the Northgate Mall has added Ulta, Mar- Heights, Ky., the proposed 12-acre State Route 129 interchange off Interstate 75. The development will include nearly shalls, DSW (Designer Shoe Ware- Norse Point project is truly the front 600,000 square feet of retail space: a 200,000-square-foot Dillard’s department house) and Michaels — and soon h.h. yard of NKU on Route 27 just south store, and just under 370,000 square feet of specialty and in-line retail and dining. gregg — to its tenant mix. After many of I-275. This project will serve to give In addition, the project will feature 100,000 square feet of Class A office space, a years of decline, Northgate Mall is on NKU a better architectural identity for 135-room hotel and 220 luxury residential units its way back, adding retail vibrancy to the school and hopefully bring a ho- the Colerain corridor. tel, movie theater, office, housing and and Popeyes Louisiana Kitchen are new Cheddar’s, Long Horn Steak- first-floor retail to the front entrance looking to expand. The fast casual house, Capital Grill, Seasons 52 and University Campus of the school. The NKU project is still restaurant market continues to show chef-driven concepts like Sotto and the The Cincinnati/Northern Kentucky seeking developer participation. its appetite for end-cap space. Which relocated Boca downtown. During the region is home to many great universi- Wich Superior Sandwiches, Pizza Cu- downturn it seemed like no one would ties, and lately many of them are get- Retail Back on Track cinova, Piada Italian Street Food, Lime ever go out to a white-tablecloth res- ting into public/private developments Meanwhile, we continue to see new Fresh Mexican Grill, Firehouse Subs taurant again. to improve their housing, office and retail entrants to the Cincinnati mar- and Panda Express are among the fast So, retail is on the mend in Cincin- retail offerings.
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