One River Plaza
City Council unanimously approved an agreement with the developers of One River Plaza allowing them access to City-owned property known as the L&N Loop.
The development team, which is a 50-50 partnership between the Gregory family and the Miller-Valentine Group, will determine the feasibility of developing the parcel and will be granted exclusive rights to lease the land.
All of this is dependent on a decision by the Ohio Department of Transportation, which currently holds an easement on the property and is studying the possibility of its use for a light rail line.
The preferred developer agreement sets several restrictions on any redevelopment of the L&N Loop:
- An additional pedestrian connection should be established along the western boundary of the L&N Loop.
- Any building should not exceed five stories and should not exceed 125,000 square feet.
- Commercial space should be provided along Pete Rose Way.
- No parking garage should be visible from Pete Rose Way, unless ODOT needs some of the land for a rail project.
- The architecture should complement One River Plaza as well as surrounding properties, such as the Sawyer Point Building.
- 50 public parking spaces should be available during business hours, 200 after normal building hours, and should be market-rate.
If the developers submit a plan that the City approves, the City will likely sell the property to them.
If the developers find development infeasible, the agreement will be terminated.
The agreement terminates in January 2009 but can be extended in one-year increments.
The $140 million One River Plaza project will include 150 condominiums, two restaurants, a parking garage and a public plaza on the site of the Montgomery Inn Banquet Center.
Units within the two condo towers, which are already in pre-sales, will range from $400,000 to $2 million.
The public plaza will contain a large sculpture by Albert Paley and will tie in with Yeatman's Cove and the Purple People Bridge.
Completion is expected in 2009.
L&N Loop parcel, 2005: Click to enlarge
