He said the city worked the deal in escrow because of the complex real estate transaction between the park site and private users at Cornerstone. The deal will be finalized in the next several days.
Cornerstone Developers LLC has committed to constructing all improvements in the active and passive park areas. Long-term maintenance will be funded in three parts.
The city will be responsible for one-third of maintenance costs, and two-thirds will be funded through contributions from property owners associations that currently maintain most public property at Cornerstone.
MORE: Centerville seeking state funds for proposed Cornerstone park
“This park will be an asset for businesses and residents of Cornerstone,” said Centerville Development Director Michael Norton-Smith. “Features including the public art piece, the pavilion area and the covered pier over the water create a relaxing atmosphere for people who support nearby businesses like Cooper’s Hawk and Bagger Dave’s.”
The 18-foot-tall public art piece designed by artist Stephen Canneto will feature an image of several figures crafted from brushed stainless steel and dichroic glass. The glass sphere will change colors depending on the time of day and viewing angle.
Centerville received $1 million in Clean Ohio grant funding from the Ohio Public Works Commission to conserve the passive parkland that will include greenspace and walking trails.
The price to acquire the property is $1,472,108. Cornerstone Developers LLC has agreed to donate the portion of the park not covered by grant funds.
“The addition of Cornerstone Park at Cornerstone of Centerville will contribute to making this successful development a destination place,” said Mayor Brooks Compton. “This acquisition, along with expanding the free public programming at Stubbs Park, shows the commitment of the city to expand, as well as improve our amenities for businesses, residents and visitors.”
MORE: Funds sought for $1.9M Cornerstone of Centerville park