$30 million retail developments coming to Oakley
A local commercial real estate developer is working on two retail developments in Oakley.
Morelia Group, a real estate investment trust that owns shopping, dining, entertainment and mixed-use developments, has started construction on the Crossings of Oakley, a 20,000-square-foot retail development at the northeast corner of Madison Road and Kennedy Avenue. The development will be a $12 million investment.
In addition, Morelia Group has acquired adjacent property at 4710 Madison Road to build another multi-tenant development. The second project, known as Oakley Parke, will include 30,000 square feet of restaurant and retail space. It is estimated this project will be an additional $18 million investment.
Christopher Hildebrant, president and CEO of Morelia Group, said when his company was working on retail developments nearby, he was constantly getting calls from tenants that wanted to be in the Oakley area.
“We’re talking with a lot of national brands right now for these locations,” Hildebrant told me. “For Crossings of Oakley, we have more inquiries than we have space.”
Morelia Group developed and built the nearby Oakley Connection and Encore of Oakley, with tenants including Starbucks, Condado Tacos, Holtman’s Donuts, McAllister’s and General Electric Credit Union. As the developer was working on those projects, Hildebrant was looking for additional property to develop where retail tenants would have high visibility and easy access.
Knowing the state had plans to improve the Interstate 71 interchange at Kennedy Avenue, providing direct access northbound and southbound, Hildebrant focused on the corner of Madison Road and Kennedy Avenue. Acquiring an additional 4.5 acres for Oakley Parke was a natural progression of connecting Oakley to all the development activity taking place in Madisonville.
Morelia Group already has its first tenant for Crossings of Oakley, as Swenson’s will open its second Greater Cincinnati location at the development. In addition to the stand-alone Swenson’s restaurant, Crossings of Oakley will have one 15,000-square-foot multi-tenant building.
For Oakley Parke, Hildebrant is planning three, 10,000-square-foot buildings. He is in talks with a brewery that wants to have outdoor volleyball space and other outdoor space for patrons and plans to have a large restaurant in the back of the project.
Morelia Group worked with McGill Smith Punshon Inc. as architect for the developments. Morelia Group will build, own and maintain the properties. GE Credit Union is providing financing for the projects.
Melissa Ruther, first vice president with CBRE, will represent Morelia Group in the leasing and marketing of Crossings of Oakley and Oakley Parke.
Crossings of Oakley is expected to be completed in the third quarter of 2022. Once construction wraps up on Crossings of Oakley, Hildebrant plans to start site work and construction on Oakley Parke, aiming for a completion in September 2023.