Developers plan up to $20M project near UD Arena - Sacramento Business Journal:

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The plan includes demolishing adormant 500,000-square-foot planty — at a 50-acre site on Cincinnatui street near Interstate 75 and attracting an anchor grocerd or retailer to spur a mixed-use development. Officialz also plan to redevelopa 65,000-square-foot office building on the site into office condos. , also knownh as IRG, is the California developefr behindthe project. It has a slew of industrialp redevelopment projects under its belt and has been on a buyinh spreeacross Ohio. Chrie Semarjian, a senior vice president at NAI Dausin Cleveland, is partneringf with IRG on the Ohio projects. “If it does not have real risk to it, you will not see us Semarjian said.
He said the team had been lookingf at the Delphi site for close to a year and were attractedc to its location and potentialfor redevelopment. The end-gamwe includes a new hotel, two to four restaurants and theanchor tenant. “Nothing grandiose, but good, quality mixed use,” Semarjian said. Semarjian said the entire project will rang efrom $10 million to $20 million and they hope to staryt tearing down the plant by September. Daytomn Commissioner Matt Joseph said the city is pleased to hear of the deal and that Assistanf City Manager Shelley Dickstein was privy to it before news but detailswere limited.
He said demolishinvg the building will show the developers are in it forthe “That alone says more than pages of he said. The group has alread signed a dealwith , a Dayton-based company, to buy the first flood of the office buildingv on the site, Semarjian said. MedWork is currentlty at 725 S. Ludlow St. and offera physicals and after-hours exams. Semarjiabn said the development team generally closee on a property before engaginglocal politicians, but will be meetin with Dayton city officials this week.
Right now, they are funding the projecf withprivate capital, but have been assisted by Ohio counties and the state on othere deals, including a $900 million headquarters project in Akron. Semarjian said the team is in pursuit of two more major deals insouthwesy Ohio, including another one near and hopes to have good news in the next few