Citizens For A Better Norwood

Tuesday, November 03, 2009

Enquirer: Rookwood expansion to begin in spring

Jeffrey R. Anderson Real Estate has announced it will start construction at Rookwood Exchange this spring and will start to open the $100,000 million project in 2012. Potential tenants have already signed letters of intent for 70 percent of retail, hotel and entertainment space planned. The developer will own and operate a Marriott Courtyard hotel as well as movie theatre, plus two upscale restaurants, Capital Grille and Seasons 52, are in the works. A preliminary plan approved by the city in December included seven buildings in the first phase.

J.R. Anderson, the firm's director of development, "We need density on the site to make economics work, so we're continue to look at our plan to determine what is the right mix." That mix no longer includes the original plan to build either 450,000 square feet for offices or condominiums. Anderson explained that neither is suitable for construction in today’s economic environment , but that residences could be built initially as apartments but offered for sale later. With regard to the Rookwood Exchange site, the developer’s vice president of leasing Mark Fallon said, "That (expressway at Smith Road) exit is still the most visible and important out of downtown as far as commercial locations. It's unequivocally the most valuable acreage in the overall Cincinnati and Northern Kentucky market. It can support any use."

Do we hear a collective sigh of relief and cheering throughout Norwood this morning? What do you think of the revised plans for the Exchange?