Senior Staff Reporter
Cincinnati Business Courier
The development team working to enter into negotiations with Cincinnati Metropolitan Housing Authority to redevelop the property at 16 W. Central Parkway has plans for a huge mixed-use building.
Kingsley + Co. and Anchor Properties are proposing a two-story grocery/retail space with four levels of parking above it topped by three floors of class A office space. The Kingsley + Anchor team is proposing a total of 40,000 square feet of retail/grocery space, 70,000 square feet of office space and 235 parking spaces on the site. Officials with CMHA said the proposed development is a $28 million project.
The CMHA Board of Commissioners voted unanimously on Jan. 26 to authorize CEO Gregory Johnson to enter into negotiations for a developers agreement with Kingsley + Anchor to redevelop the property.
Only four of the commissioners were present for the vote, chairman Williams Myles, vice chair Ed O’Donnell, Bernard Fiedeldey Jr. and Mayme LaVerne Mitchell.
Officials with CMHA said this project will cost it nothing and produce revenue for the organization.
After a short presentation of the proposed development, O’Donnell praised it.
“This is a terrific plan,” O’Donnell said. “It will be great for the community.”
One rendering of the building included in documents submitted to CMHA shows the nine-story building topped with green space. The ramp to the parking garage is shown on the east side of the building, which sits on the north side of Central Parkway just east of the School for Creative and Performing Arts.
Chinedum Ndukwe, founder and principal of Kingsley + Co., will serve as the lead developer on the team. Ndukwe was a safety for the Cincinnati Bengals and played football at the University of Notre Dame while double majoring in business management and psychology.
Mike Ricke, development manager with Anchor Properties, along with Ndukwe, will coordinate all aspects of design, city/community input, city approvals and construction.
Anchor Properties notes in the documents it is “proud of its long term relationship with grocers The Kroger Co. and SpartanNash Foods.” Anchor Properties has developed five Kroger stores in the past 20 years. It’s also working with Kroger to develop an urban store near the University of Cincinnati.
Kingsley + Co. and Anchor Properties partnered to submit the only qualifications in response to CMHA’s request for qualifications to redevelop the site, according to a Jan. 13 memorandum from Johnson.
The Kingsley + Anchor venture will be 51 percent minority owned, according to documents submitted to CMHA. An interview with Kingsley + Anchor was conducted on Jan. 6. The evaluation committee recommended the CMHA Board of Commissioners authorize to enter into a contract with Kingsley + Anchor to redevelop the property.
Other members of the development team, according to documents submitted to CMHA, include McBride Dale Clarion for planning and zoning, THP Ltd. for parking designs, SFA Architects for architectural designs and Focus Workforce Solutions LLC for minority, women and disadvantaged business enterprise community outreach.
To finance the project, Kingsley + Anchor plans to use traditional bank construction financing. It has already spoken with “several larger Cincinnati banks, all of whom have expressed a high level of interest,” according to documents. In addition, the team said it plans to apply for 2016 New Market Tax Credits; to apply to the program for EB-5 funding, which allows foreign nationals to obtain U.S. permanent resident status by investing money for new business ventures that create American jobs, and increment financing, which the project seeks to use for the public infrastructure portion of the project.
Once CMHA agrees to start negotiations with the development team, Kingsley + Anchor expect discussions to take until March 1. At that time, the second phase of design and approval would begin. That’s expected to last until October. The third phase, financing and leasing, is expected to begin April 1 and end in December. The fourth and final phase, permitting and construction, would start in November and end in June 2018.