When the property was annexed in 2006, it never changed school districts. The new development will generate millions more than what the land is generating now. The agreement would establish how much the district would see of the new money.
Preliminary development has started at the corner of Feedwire Road and Wilmington Pike, once property of of the Dille family. Trees have been cleared out and the city is getting closer to going to the bid for the widening of Feedwire Road. The goal is to have the road widened — and the intersection upgraded — by November 1, which is when Costco hopes to open.
“The target date is obviously ambitious,” Horn said on Tuesday. “When you work that backwards, many things have to happen very quickly.”
Horn said the developer, Oberer Co., has to finalize the financing. The company was not immediately able to comment on Tuesday, but Horn said they asked the city to reach out to the Bellbrook Sugarcreek school district to establish a TIF compesation agreement.
The project will eventually encompass 225 acres and is expected to be valued at between $120 million and $140 million by today’s standards. It will take between eight and 10 years to build out. The Costco store is the only one to be publicly named by the developer, but Horn said three or four large-format retailers are interested, along with a hotel and several restaurants.
Costo remains the anchor of the project. The plan is to build a 154,000-square-foot members-only warehouse with an attached tire center, a free-standing fuel station and 736 parking spaces. The development facility will be Costco’s sixth store in Ohio.
Cautious optimism is common in the neighborhoods nearby. Mary Bernhard bought her house on Old Whipp Court three years ago. The seclusion and vegetation were two of the draws, but the construction she sees from her driveway every day is a stark contrast to what once was.
“At first I was kind of excited but my kids were devestated when they first heard about it … because the trees will be gone,” she said.
Two tree preservation areas have been established on the property. There will also be a large green area in the middle of the project that extends eastward toward the interstate.
“It’s kind of exciting,” Bernhard said. “But it’s sad in a way.”
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