Rising interest rates have slowed the proposal’s progress, and no plans have been filed with Kettering, said Dean Miller, a vice president for Industrial Commercial Properties.
“Interest rates … drive a lot of development. And so, when they went up quickly and substantially, that brought things to a halt for a little while,” Miller said.
Credit: STAFF
Credit: STAFF
“We’re in the process of re-engaging with a partner,” he added. “And I would hope that, because there was some previous work on approvals and so forth … that we get a partner on board, and the project develops a head of steam, and we see progress — maybe not construction progress — toward more definite plans.”
At one time, ICP was close to securing a deal with the same developer it is negotiating with now, Miller said.
The Solon-based real estate business has talked about building an apartment complex in the 300-unit range. But higher interest rates have caused the project to be “resized,” he said.
ICP hopes to have a deal to announce “in the near future,” perhaps in the second half of the year, Miller said.
An ICP subsidiary bought the 28.5 acres from Kettering in 2023, according to Montgomery County land records.
More than two years ago, Kettering approved land-use changes at the research park to allow housing and restaurants in certain circumstances. They included:
• Residential developments to be on lots of at least 10 acres and include at least 200 units.
• Restaurant developments be on lots of at least 10 acres and include at least 20,000 square feet of restaurant use.
Development trends are “pushing for onsite or close proximity (such) as supportive retail and restaurants and higher-density housing,” Kettering Planning and Development Director Tom Robillard has said.
Once a housing development plan is submitted, it will require several approvals, City Manager Matt Greeson has said.
They include Kettering approving a conditional use for the site. That would involve a public hearing on an issue that, in 2021, drew opposition from leaders of neighboring Mount St. John and the Bergamo Center for Lifelong Learning.
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