Details of the $100 million-plus mixed-used development called The Heights are expected to be revealed in the next 30 to 60 days, according to a developer.
George Jenkins, managing member of 201 Corridor Management LLC, said Wednesday that his company is working with a partner to develop the nearly 70 acres of land located around the Rose Music Center near the Brandt Pike and Interstate 70 interchange.
The Heights was originally billed about four years ago as a multi-million dollar mixed-use development — retail, office space, restaurants and hospitality. Bill Keethler, vice president of development for 201 Corridor Management LLC, estimated the value at this stage of the project to be between $100 and $150 million.
“It’s going to mean a number of very important things,” Jenkins said. “First of all, it will bring more first-class retail and other uses to the site. The result will be additional TIF revenue, income tax revenue, bed tax revenue. It will be very important economically. The residential (Carriage Trails) complements the retail, and the retail complements the residential.”
201 Corridor Management LLC is in the process of purchasing 7.5 acres of land from Huber Heights, and will close on the transaction in the next 60 days, Jenkins said. The land is located just west of Brandt Pike, and between Shull Road and Executive Boulevard.
Huber Heights City Manager Rob Schommer said 201 Corridor Management LLC verbally notified the city earlier this week of its intent to exercise the option to purchase the 7.5 acres. The option was part of the four-year development agreement that expires Saturday, Schommer said.
If 201 Corridor Management LLC did not exercise its option, Huber Heights would have inherited the company’s 7.5 acres just north of the city’s parcel, Schommer said.
“It’s a strong indicator of the confidence 201 Corridor Management LLC has in The Heights project moving forward,” Councilman Mark Campbell said.
The land purchase will cost around $500,000, Jenkins said. Schommer said the money will go into the city’s general fund.
“That’s the strongest evidence that we’re committed to do it — we keep putting money into the project,” Jenkins said.
The city still owns six acres of land just east of the music center. Schommer said there’s been significant interest in that land, and it’s the ideal space for hotels or restaurants.
City leaders have said one of the reasons the Rose Music Center was built was to create an anchor for The Heights.
“There are some great conversations going on and some new interest with the opening of the music center,” Schommer said.
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