The council approved a note in the amount not to exceed $3.2 million that includes $1.8 million to purchase the property, $1 million for demolition and other legal fees.
“This proposal is part of a long-term effort to position our land-locked city for redevelopment in this highly-accessible and visible area near Interstate 75,” said Brad Townsend, city manager.
Economic Development director Mike Lucking said that an estimated 90,000 vehicles pass the property on I-75 each day. “This is a strategic move to shape the development of the most essential intersection and gateway into our city,” he said.
Lucking said that recent, comparable property sales show that the $1.8 million purchase price is fair and that the price has dropped since the recession. The price includes approximately 14 acres encompassing the former Roberd’s Furniture building as well as retail space that currently includes 2 Degrees HVAC, Auto Title Division, Bernstein’s Catering, Ohio Bureau of Motor Vehicles, Universal Insurance Agency, and Vintage 937 Antiques.
The current owner, Carrollton Properties, LLC., is currently working with the tenants who currently lease the retail space to relocate into other sites.
The seller is donating the property located at 1000 E. Central Dr. formerly known as BDI/Flack building.
The city has been actively seeking potential re-development partners for the property. “With non-disclosure agreements in place, we can’t identify those developers,” Lucking said. “We are still very open to any viable developers for the project,” he said.
“We know that this property will have much more value to developers when it’s cleared,” Lucking said.
The property is a key parcel in the city’s Miami Bend Community Entertainment District. City officials hope any future development will capitalize on the area’s close proximity to the Great Miami River and easy highway access.
“This project fits into the city’s long-term goals for the community and the purchase was necessary for the future of this community going forward,” Lucking said.
For media interviews, call Brad Townsend, City Manager, at (937) 847-4633 or Mike Lucking, Economic Development Director, at (937) 847-4643.