Development's major tenant is 'game changing' regional draw

Dayton Daily News (OH), 2013-08-01

Aug. 01--CENTERVILLE -- Developers of the mixed-use development between I-675 and Wilmington Pike are close to an agreement with a major anchor tenant that would be "a game changer" for the complex. And depending on planning commission and council approvals, construction could start on Cornerstone at Centerville by spring 2014 with an opening in the fall.

The "big box retailer" is a world-wide company with no current facilities in or close to the Dayton area, Oberer Companies project manager Robert Hall told the Centerville Planning Commission Tuesday. The company has stores in other countries and six or seven in Ohio.

Chief executive George Oberer Jr. declined to identify the company citing confidentiality agreements but the profile described to the planning commission fits Costco Co. and Whole Foods.

"We can't even tell city officials yet," Oberer said. The company, Hall said, would attract customers from a 25-mile radius.

Hall said the store will be a "game changer" because the addition "elevates Cornerstone from a local shopping center to a regional draw and will immediately attract other tenants."

Either would be a first-time major draw in the Dayton area. Neither Costco or Whole Foods would confirm any development plans for the region.

A spokesperson at Costco's corporate headquarters in Issaquah, Wash., said she could only offer "our standard company statement, which comes from co-founder Jeffrey Brotman. It is our policy to not comment on specific locations."

A marketing staff member at the Whole Foods store in Cincinnati said there has been talk about wanting to open a store in northern Kentucky, "but I have not heard about any plans for a Dayton store."

The Planning Commission and Centerville City Council have approved preliminary development plans for Cornerstone. Planners may vote as early as Aug. 27 on the final plan. Council could consider it in September.

Hall said that timing is crucial because the major anchor to be named later wants to begin construction in the spring of 2014, with a potential opening in the fall.

Another of the three major anchors is expected to be a Kroger store.

Oberer did not name Kroger Tuesday, but told planners that when reports surfaced publicly several weeks ago that the grocer would be a major tenant, "that was not yet a done deal."

Phone calls seeking confirmation and comment from Kroger officials were not returned Wednesday.

Hall said the third major tenant "will also have regional appeal."

Planning commission member James Durham asked Hall, "Are we looking at gas stations there?" about several outlots on the blueprints.

Hall said that "two of the big boxes will have fuel stations."

Oberer, Hall and company president Christopher Conley met with the planning commission "to refamiliarize you with the project. We are not asking you to rubber stamp it," Hall said.

Phase one of Cornerstone construction will include removal and preservation of trees on the site, mass grading, construction of retaining walls, installation of utilities, construction of internal roadways, pedestrian connectors, signage and external, public roadway improvements.

"We actually lucked into" the deal with the major tenant, Oberer told city officials. "We were an addition to their capital improvement plan for 2014. But if this doesn't get off the ground soon, there's no guarantee we could still be there in 2015. We are their preferred site in the area, but not their only one."

Plans for Cornerstone, which will require several years to complete, also include smaller retail, office complexes, a hotel, a central plaza with pond, and residential components.

The site is also bordered by Feedwire and Brown roads on land in Greene County that has been annexed by Centerville. The city will use tax-increment financing to fund public improvements for the development.

The country's second largest retailer and the world's seventh biggest, Costco is a membership warehouse club offering brand name merchandise at competitive prices. Its more than 620 warehouse complexes include gas stations, tire centers, food courts, pharmacies and optical services.

Whole Foods Market is a high-end supermarket chain specializing in organic, natural, health and specialty foods. It is based in Austin, Tex. It has more than 350 stores in the U.S. and other countries.

___

(c)2013 the Dayton Daily News (Dayton, Ohio)

Visit the Dayton Daily News (Dayton, Ohio) at www.daytondailynews.com

Distributed by MCT Information Services

A service of YellowBrix, Inc.