140 apartments planned at vacant Fairborn plaza that housed Kroger, Kmart

Redevelopment plans for a vacant Fairborn shopping center include up to 140 apartments, along with a 600-unit indoor storage facility already in the works.

Cobblestone Capital CEO Zach Williams said his company’s current investment at the 9.5-acre Fairborn Five Points Shopping Center is about $10 million, excluding the apartments.

Preliminary approval has been given for the apartments on the property’s east side, both Williams and Fairborn City Manager Mike Gebhart said.

The 224 E. Dayton Yellow Springs Road site, at the Beaver Valley Road intersection, formerly housed a Kroger and Kmart, which closed last decade and sat vacant for years. The former Kroger has been demolished, and crews are working on the former Kmart, which will house the indoor storage facility, Williams said.

Bowling Green, Ky.-based Cobblestone Capital bought the 9.5-acre site last year for $3 million, Greene County land records show.

Fairborn last year approved an 84,180 square-foot Storage Sense business to be built there. The shopping center is about three-fourths of a mile west of I-675′s Exit 20.

Five Points Plaza was built in the mid-1970s, records show. Kroger closed its location there when it opened a $20 million Marketplace store on the other side of I-675, at 1161 E. Dayton Yellow Springs in April 2017, according to Dayton Daily News records.

The former Kmart closed in 2014, according to city records.

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