The latest plan for the Austin Landing development adds office space, while downsizing the public components of the multi-use village at its center.
The new plan, obtained by the Dayton Daily News, cuts $4.5 million from the township’s investment in the second phase of the development.
It also eliminates the 14-screen, $12 million Regal Cinema and two buildings already approved by the township at the north end of the village, and a covered ice rink and mixed-use buildings that were to ring the village area at the center of the 142-acre development.
Miami Twp. Trustee Mike Nolan said he plans to vote for an amended agreement supporting the new proposal, largely because it will reduce the township’s long-term debt from the project and eliminate an annual $140,000 maintenance fee the local government was going to pay RG for snow removal and other maintenance. The township still will be investing about $20 million in the project.
“We need to get it done,” Nolan, president of the township board of trustees, said Monday.
Since the interchange opened in 2010, RG Properties has completed three office buildings, including the Teradata headquarters, a hotel-conference center and two stores. BJ’s Restaurant & Brewhouse, a brewpub-pizzeria opened Monday next to a new Panera Bread. A multi-tenant retail area is under construction. That space will house a TJ Maxx and HomeGoods.
RG President Randy Gunlock recently said the project is a year behind schedule during a presentation asking the trustees to restructure the agreement sharing the expense of the second phase of the development
This morning, the trustees are expected to consider a resolution authorizing the new plan during a trustees meeting.
Trustee Deborah Preston said she is concerned the township would be funding a 500-spot ground parking lot, rather than a parking garage in the new plan. She said she is unsure how she will vote on the new agreement.
“I’m concerned the plan keeps changing,” Preston said.
Trustee Charlie Lewis was not expected to be on hand for the vote. Gunlock and Regal Cinema, the company expected to operate the cinema, did not respond to questions about the development.
“Having seen the actual layout for the new plan, I think Randy Gunlock has come up with a brilliant alternative that will make Austin even more attractive for the businesses who are located here and those that intend to, while having a great balance of retail amenities at the same time,” Bruce Langos, chief operating officer for Teradata, said in an email.
In place of the village, the new plan calls for a park and fountain near the center of the development, flanked by four restaurants and two retail stores. Nolan said the cinema could still be built elsewhere around the new interchange off Interstate 75, near the Montgomery-Warren county line.
The new plan also calls for up to 75,000 square feet in additional retail and 200,000 square feet in additional office buildings.
The 130 proposed residences no longer would be part of the village.
The amended development agreement sets public investment in remaining development at $10.8 million — $4.5 million less than the previous plan. RG committed to $54 million on the first phase 4 and “some or all” of up to $84 million in remaining development, according to the proposed agreement.
RG also plans to develop a 50-acre shopping center across Austin Boulevard in Springboro.
Gunlock recently said he has $55 million in private equity for additional development. The plan for Austin Landing South calls for stores, restaurants, a hotel and a service station, according to a March 2012 conceptual plan obtained by the Dayton Daily News. The March 2012 conceptual plan was one of several ideas Gunlock said the company is considering.
The March 2012 conceptual plan was part of an investment proposal that included a five-building strip center anchored by a 125,000 square foot store. The plan also called for six one-to-two-acre out lots; a service station and free-standing retail store.
The trustees are to meet at 10 a.m. Tuesday at township offices, 2700 Lyons Road.
So far at Austin Landing
Two office buildings
Hilton Garden Inn-conference center
Kohl’s department store
Kroger supermarket-fuel center
Panera Bread restaurant
BJ’s Brewhouse and Pizzeria