The completion of the Costco, Cabela’s and Kroger-anchored project is a significant accomplishment, both for the region and for developer Oberer Companies, according to Chris Conley, president/partner of Oberer Realty Services.
“It‘s our largest mixed-use development to date and we’ve been fortunate with the interest and success of the businesses who selected to be a part of the dynamic project,” Conley said. “We were very successful in drawing new-to-market retailers, restaurants and residential developers who saw Cornerstone North as a regional draw opportunity and invested their resources and brand (there).”
Credit: Lisa Powell
Credit: Lisa Powell
Costco was the first anchor retailer to open in November 2014 and remains the only Costco in the Dayton market, he said.
Oberer decided to build on the site because it saw an opportunity to develop great real estate, Conley said.
“Quick and easy access to I-675 created the opportunity for a regional draw offering multiple anchor tenant pad sites,” he said. “With the anchor tenants in place — Costco, Cabela’s and Kroger — the outparcel sales and retail centers came along quickly.
That includes standalone restaurants Cheddar’s Scratch Kitchen, Chick-Fil-A, Cooper’s Hawk Winery & Restaurant, Outback Steakhouse, Panda Express and Thai Village and four separate retail buildings totaling nearly 40,000 square feet and containing 17 businesses. A Home2 Suites hotel caps the northern end.
The sprawling project, which features 427,515 square feet of retail space, faced opposition when it was first introduced, but Conley said Oberer worked closely with the city of Centerville, and the Dille family, the site’s previous owner, to ensure it was providing a development that all parties can be proud of.
“There was a lot of behind the scenes work happening for a long time to get the project to where it is today,” he said.
Credit: Jim Noelker
Credit: Jim Noelker
Cornerstone was Oberer’s second mixed-use development, following the Exchange at Spring Valley in Miami Twp. Prior to that Oberer predominantly developed Kroger-anchored centers, Conley said.
Cornerstone of Centerville North is now 100% occupied, as is Oberer’s entire portfolio, he said. Over the past 10 years, just three businesses closed and Oberer quickly backfilled those spaces.
“We replaced Zoup with Athletico Physical Therapy, Which Wich Superior Sandwiches with Great Greek Mediterranean and 5 Star Nutrition with Eman Aesthetics,” Conley said. “We sold the building where CoreLife Eatery was a tenant and I replaced them with Thai Village.”
A ‘significant catalyst’ for economic growth
Centerville City Manager Wayne Davis said Cornerstone of Centerville North has been “a significant catalyst for economic growth,” not just within Centerville but throughout the region.
“What began as a blank slate has transformed into a thriving mixed-use destination that draws visitors, employers and new residents,” Davis told the Dayton Daily News. “The development has created hundreds of jobs, generated substantial tax revenue and attracted national and regional brands that enhance the area’s retail and dining options.”
Credit: JOEL KANE
Credit: JOEL KANE
Oberer said the mixed-use center offers “high visibility provided by direct frontage” on I-675 and Wilmington Pike, which see over 72,200 and 31,200 vehicles daily, respectively.
The nearby Sinclair in Centerville location, Miami Valley Hospital South and Cincinnati Children’s Centerville office are a few examples of additional investment and development in the area surrounding Cornerstone, Davis said.
Cornerstone continues to contribute to the city’s vitality in several ways, Davis said. Cornerstone Park, in particular, has become a popular community gathering space, hosting events and adding green space in the heart of a commercial area, Davis said.
“The development has expanded the city’s and Montgomery and Greene County’s tax base and supports our ability to provide high-quality services,” he said.
Conley said market demand is still strong, and the regional draw of Cornerstone of Centerville North will continue to be a target market.
“Additionally, we’ve maintained ownership of the property and take great pride in the development‘s appearance and upkeep,” he said.
Overall retail real estate occupancy is at record highs above 95%, which has created a shortage of available space in most centers, according to Stephanie Cegielski, vice president of Research and Public Relations for ICSC, the global trade association of the retail real estate industry.
“We’re seeing high demand from retailers for physical space and landlords unable to fulfill that demand because of the lack of available space,” Cegielski told this news outlet.
Mixed-use developments create a work, live and play environment that creates built-in demand, she said.
“The combination of different types of real estate like retail, services, food-and-beverage, housing, office, and hospitality can form a synergistic environment where each component reinforces and supports the others,” Cegielski said.
So what does Cornerstone of Centerville North’s full occupancy say about the project?
"With any property, it is important to understand the needs of the community and the local economy," Cegielski said. “Developers and landlords who understand those needs, to include demographics, and provide the right mix will usually be incredibly successful.”
Conley said Oberer is pleased with the overall development of Cornerstone North and excited about its next big project: Cornerstone of Centerville South, which consists of 52 acres on the south side of I-675, Conley said.
Credit: HANDOUT
Credit: HANDOUT
“We plan to have final development plan approval by mid-summer and break ground thereafter,” he said. “We have several sites under contract and look forward to making announcements in the coming year.”
Centerville Planning Commission voted 5-2 on May 20 to recommend approval of Cornerstone South’s final development plan to Centerville City Council.
Council is scheduled to hold a public hearing about it on June 16. If council members approve the plan, they’ll need to sign off on a Record Plat next, a formal step to officially split the property into separate lots for development.
Credit: JIM NOELKER
Credit: JIM NOELKER
After that’s filed with Montgomery County, each lot must get Major Site Plan approval from Planning Commission before any construction can start, according to city officials.
Davis said growth in and around the Cornerstone project is why leadership in Centerville and Sugarcreek Twp. are working to improve the interchange at I-675 and Wilmington Pike.
“Enhancing that access point will help support continued economic development, ease congestion and ensure the long-term success of this regional destination,” he said.
Credit: Chris Stewart
Credit: Chris Stewart
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