The city of Kettering has sold 28.5 acres of Miami Valley Research Park land targeted by a real estate business for a development that could include an apartment complex.
The land purchased by an LLC tied to Industrial Commercial Properties is near the Beavercreek border, just north of Reynolds & Reynolds, according to Montgomery County and state records.
The property, which the city said it sold for $285,410, stretches along County Line Road from Research Boulevard north to Spaulding Road.
The 1,250-acre research park straddling Beavercreek and Kettering is home more than 4,000 jobs, about 2,400 in the Montgomery County city, records show.
ICP has talked about building an apartment complex in the 300-unit range, and residential construction will be the main focus of the land, said company executive Dean Miller.
“We felt good enough about that we decided we wanted to go ahead and own the property,” Miller said. “We’re still working on advancing the multifamily project … That’s the primary goal there.”
He said it’s unlikely that ICP will be the developer on the project.
“Mainly we’re just trying to identify the right partner and the right project for the site,” Miller added.
He said those discussions and rising interest rates make any timeline for submitting plans to the city “a bit premature.”
The sale to ICP subsidiary Kettering Research Park Land LLC was recorded May 4, county land records show.
The purchase now gives the real estate developer about 68 acres at the research park, Miller said.
ICP’s Sixth River development to the west of the recently acquired land includes five office buildings totaling about 300,000 square feet, he added.
Kettering City Manager Matt Greeson said he thinks in the long term, then project will fit with the overall research park.
“We’re expecting that this will be a high-quality, market-rate” project, Greeson said.
Although a sizable tract, only about 8 acres of the land can be developed, as much of it is in a flood plain that includes a pond and a creek, Greeson said.
Since buying about 300 acres of MVRP land in 2017, Kettering has sold more than 119, according to the city.
That includes three employers that have expanded operations: Community Tissue Services (76 acres), Resonetics (8.9) and Life Connections (8.2), officials said.
About the Author