Bear Creek Capital
has formally announced plans for an $85 million mixed-use project on the site of the former NuTone site in Madisonville.
The Midtown Crossings at Madisonville is expected to include a large office anchor, retail, and restaurants on the southeast corner of Red Bank Expressway and Madison Road.
A small residential component - perhaps condominiums or single-family townhomes - has also been mentioned as a way to tie the development into the surrounding residential streets.
Bob Igoe, economic development chair for the Madisonville Community Council, says that Bear Creek Capital's timeline is "pretty aggressive".
"They'll be presenting more detailed plans at our next council meeting on July 17," he says.
Igoe says that, although the development is somewhat auto-oriented, the community council is working to tie it in with the traditional business district.
"Essentially, it's a drivable suburban area," he says. "What we're trying to do is get them to make it as walkable as possible to connect it with the rest of the neighborhood."
As part of a tax increment financing (TIF) district, revenues from Midtown Crossings can be channeled into other projects.
"We're excited," Igoe says. "These TIF funds can be used to leverage improvements to the area around Madison and Whetsel."
Miller-Valentine Group pulled out of plans to build the $110 million Cincinnati Encenter development in 2007, leaving Bear Creek Capital with the development rights.
"The redevelopment of the Nutone site presents a tremendous opportunity for Bear Creek Capital and the Madisonville community," says director of acquisitions/government affairs for Bear Creek Capital. "It is difficult to find parcels of land that can accommodate large-scale development in prime in-fill locations. The Nutone site provides the opportunity to provide a campus-style office setting, blended with community-oriented retail, in a single, coordinated plan."
Writer: Kevin LeMaster
Source: Bob Igoe, economic development chair, Madisonville Community CouncilPhotography by Scott Beseler