Site plan: Click to enlarge
The Economic Development Committee will hold a public hearing on June 5 regarding a rezoning of the former NuTone headquarters at Red Bank and Madison in Madisonville.
The request, from Miller Valentine Group, would rezone the property as a Planned Development District (PD).
The City Planning Commission has already approved of the reclassification and of the development's concept plan.
Miller Valentine is proposing a $90 million mixed-use project on the 30-acre site at 4820 Red Bank Road.
Though no tenants have been named and the plan is still preliminary, Miller Valentine has a rough idea of what they want for the site.
In their plans are four office buildings (3 over 50,000 SF), three multi-family residential buildings (all 3 stories, 23,750 SF), six outlots for restaurants and other retail uses (1,800-6,600 SF) and a four-story hotel, which the Cincinnati Business Courier has noted would contain 100 to 125 rooms.
Fifteen hundred parking spaces would be provided on surface lots. (BOO!)
How much funding will be needed for the project is not yet known.
The site contains seven industrial buildings totalling about 800,000 square feet of space.
Tax Increment Financing (TIF) money from the pre-existing Oakley TIF could possibly be used to demolish the buildings and make other site improvements.
The sale of the property from NuTone to Miller Valentine is contingent on Council's approval. Miller Valentine plans to close by this summer.
The project will likely be on City Council's agenda on June 6 or June 13.
If all goes according to script, demolition could begin by late 2007 and last until fall 2008.
The phased development would start with the retail component first, with office and residential phased in according to market demand.
WINDOWS LIVE BIRD'S EYE VIEW
Tuesday, May 29, 2007
Madisonville: NuTone redevelopment
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3 comments:
Can you tell me whatever happened with this?
Thanks
Jen
Jen,
Miller-Valentine dropped out of the plan last year, and now Bear Creek Capital is looking at developing it as a mixed-use center with a major office tenant.
This is not the most up-to-date article, but I did write it so here it is. The plans are really kind of in the "being presented to community council" stage at this point, but I would look for some action soon.
http://www.soapboxmedia.com/devnews/midtownxing0708.aspx
Bear Creek has purchased the site so they are on the hook for the development. It would seem they have an excellent anchor tenant in MedPace.
Madisonville, with it's access to the 71 corridor continues to be a hot spot for development.
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