Work Finally Starts on Rookwood Exchange
- Apr 17, 2012
After years of planning and setbacks, work finally started last week on the Rookwood Exchange development, the $100 million mixed-use project at the Smith-Edwards exit on Interstate 71, in Norwood, Ohio. The 12-acre project has been in the works since 2003. Plans were held back by a controversial domain battle as well as the recession.
Officials from the city of Norwood and the project development team celebrated the groundbreaking on April 9. Among those present at the ceremony were Tom Williams, mayor of the city of Norwood; Jeff Anderson, the founder, CEO & president of Jeffrey R. Anderson Real Estate Inc.; Mike Brandy, president of Brandicorp; and Mike Prescott, U.S. Bank’s Cincinnati market chief.
The first step of the project is the construction of a new 123-room Marriott Courtyard hotel. It will be located across from J. Alexander’s restaurant. Plans also include a 750-space parking garage, a 15,000-square-foot retail building along Edwards Road and a 230,000-square-foot office building with retail on the first floor. Two 9,000-square-foot restaurants are also planned for the first phase of the project. The project developer, Jeffrey R. Anderson Real Estate Inc., is negotiating with Capitol Grill and Seasons 52.
Anderson is working on the $20 million, 85,000-square-foot Marriott Courtyard hotel, together with Bellevue-based Brandicorp. The hotel is scheduled to open in spring 2013. The same opening date is set for the two restaurants.
A 16-screen movie theater was supposed to anchor the project. But that deal recently fell through. The developer decided to build the office and retail building instead. Work on this part of the project and on the parking garage will begin next year.
The city of Norwood has agreed to provide $25 million in tax increment financing to pay for the parking structure and surface lots, as well as traffic improvements and a new traffic light on Edwards Road. U.S. Bank is financing the project. Schumacher Dugan Construction Inc. is overseeing construction work.
Image courtesy of http://www.anderson-realestate.com.