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A retail developer is in the early stages of turning nearly 70 acres of undeveloped land around the Rose Music Center into a mixed-use area, it was revealed Tuesday afternoon.
Cafaro Investment Trust, LLC is in the due diligence phase for The Heights — a mixed-use development that could feature retail, hospitality, restaurants and office space, said J.J. Cafaro, president of the group.
The total acreage for development is 67.6 — land that is just west of Brandt Pike, and between Shull Road and Executive Boulevard. Cafaro said the value of the project is estimated to be about $70 million — $40 million in construction and another $30 million from tenants’ investments in the property.
“We are looking at a number of different things,” Cafaro said in an exclusive interview Tuesday afternoon with this newspaper. “As all developments go, they take on a life of their own once they get started. … It’s a great piece of dirt. It’s well located. It’s got great access, with great visibility from the highway.”
Cafaro made a public presentation later in the day at the Administration Committee meeting.
At this point, Cafaro envisions between 400,000 and 500,000 square feet of retail space. A supermarket could anchor a retail complex along Brandt Pike, while an outlet center, with an outdoor pedestrian walkway area, could go along Executive Boulevard.
That is what Cafaro calls the “lead plan,” but it also could evolve into office, medical or assisted senior living components. He said he should have a “good direction in six to nine months.”
“It will be a great economic driver,” Cafaro said. “It assists in the standard of living in the community, and it takes care of a lot of the needs in the community with restaurants and retail. It allows people to stay home and brings people in.”
The closing on 15 of the acres was finalized Tuesday, while an agreement is in place to purchase the remaining acreage from a private owner, Cafaro said.
In August, George Jenkins, managing member of 201 Corridor Management LLC, said his company was working with a partner to develop the land. 201 Corridor Management was in the process of purchasing 7.5 acres of land from Huber Heights.
Jenkins said Tuesday the two LLCs are working together on this project.
“I had to find a first-class retail developer to make this happen,” Jenkins said. “I’ve now found that.”
Cafaro, who has 40 years of experience in the development business, retired from the Youngstown-based Cafaro Company two years ago. As a Brookfield-based LLC, Cafaro said his real estate investments include projects in Ohio and Florida.
The company will own and manage the Heights mixed-use property, Cafaro said.
“This is an exciting process,” said Councilman Mark Campbell, chair of the Administration Committee. “This is going to happen in the northern Miami Valley, and I think Huber Heights is best suited to do it. The city of Huber Heights, our residents and the entire region will be able to take full advantage of this.”
City leaders have said one of the reasons the Rose Music Center was built was to create an anchor for The Heights. The music venue wrapped up its first season of operation last month.
TJ Chumps opened its fourth restaurant in the area just east of the Rose Music Center late last year, but the $22 million GoodSports Enterprises' fieldhouse/hotel complex didn't pan out next to the music center.
Meijer, the YMCA and the Kroger Aquatic Center at The Heights also are in that portion of the city.
“It’s been the plan all along,” City Manager Rob Schommer said. “We’re tickled to death that opportunities keep coming our way. We’re bringing more amenities to Huber Heights and the north Dayton region, continuing to build this as a destination.”
The Carriage Trails residential development is zoned for 1,292 single-family lots, and by the end of the year, 673 lots will be developed, Jenkins said. Additionally, two apartment complexes and a senior living facility make up more than half of the 845 multi-family units zoned in Carriage Trails.
“Families have to go out, buy things, go out to dinner,” Cafaro said. “And the Rose is able to create a lot of synergy for what we want to do. The community deserves this.”
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