Nearly 15 acres on Ohio 741 is now rezoned for a $24-million mixed use plan that includes 210 upscale apartments.
Developers of Austin Park, formerly Austin Ridge, said they are under contract with an unidentified financial institution for one parcel and are in talks with other possible tenants for the remaining two out lots at Miami Village Drive.
The project would be on the east side of Ohio 741 next to Waldruhe Park and north of Austin Boulevard, where the 142-acre Austin Landing is being developed.
“I think we’re going to end up with a really nice project, a quality project that’s going to add to the overall value of the community, particularly the apartments,” said Greg McCann, vice president of USC Properties. “They’re going to be very well-designed, well-constructed, high-end apartments.“
The project, if approved, is one of two developments that will bring a combined 484 upscale apartments to the southern corridor of Ohio 741 in Miami Twp.
The other, The Flats at Austin Landing, is a $35-million plan for 274 units at Austin Landing, less than half a mile away. That project was approved by trustees in late October and developers said construction may start by the end of the year.
Austin Park received preliminary approval for its plan Nov. 4. It also was granted a change to planned development zoning, which kicked in after 30 days, said Kyle Hinkelman, Miami Twp.’s assistant director of planning and zoning.
USC is working with the project architect on plans for the apartments, which McCann has estimated will cost about $20 million to build.
Final plans for the apartments and the other lots are expected to go to the township early next year, McCann said. The developer has some flexibility with how those plans are submitted, Hinkelman said.
“Every one of those phases will have to come back,” he said. “Depending on how the developer has their deals together, they might go forward with multiple phases of that.”
Construction on the project is targeted for the spring, McCann said.
“Whether it’s March, April or May, I don’t know,” he said. “Our window is as soon as the weather breaks and we’re able to start construction. That is the plan.”
The apartments are expected to take 18 months to complete while the retail sites will take four to five months to build once tenants are secured, McCann said.
The 10.4 acres projected for the apartments would be east of the retail property and include eight residential buildings encompassing more than 208,000 square feet, documents show. The apartments would be two- and three-story structures that surround a clubhouse. The plan calls for 126 units to consist of two or more bedrooms and 84 one-bedroom apartments.
The complex would provide pedestrian access to the park and to the regional bike path, documents show.
The three lots for retail would be on 4.5 acres planned for: credit union/bank retail ( .9 acres), neighborhood retail ( 1.7 acres), and restaurant/retail (1.97 acres), documents show. No retail building would be more than two stories or 35 feet in height.