Story by Tom Demeropolis, Senior Staff Reporter at Cincinnati Business Courier, first seen on Bizjournals.com
On the heels of starting construction on two more apartment buildings, the developer behind the RED in Madisonville is planning a commercial building on the balance of land near the intersection of Red Bank Expressway and Madison Road.
Ray Schneider said he is talking to potential tenants for a three-story commercial building that would have restaurants on the ground floor topped by two floors of office space. The office and retail building will be located on the site closest to Red Bank.
Schneider said he is looking to add this commercial component to the site because he recognizes time has become more valuable to people.
“I looked around the country and the new paradigm is to live, work and play in close proximity to each other,” Schneider told me. “They want to have a way to enjoy their time.”
The building is expected to be between 60,000 and 75,000 square feet in total. The first floor will likely have room for two restaurants, topped by 40,000 to 50,000 square feet of office space.
Now that construction is underway on the second phase of the RED apartments, Schneider is ready to begin on the commercial portion of the development. On the retail side, Josh Rothstein with OnSite Retail Group is marketing space. As for the office space, Schneider said he is talking to commercial real estate firms about listing it.
There will be potential naming rights and signage for office tenants in the building. Schneider said he is looking to have a portion of the building be co-working space. He plans to start construction on the building once he is 50 percent pre-leased.
“If you want to be in a place that’s growing, this is an opportunity for someone,” Schneider said.
Schneider’s Circle Development will be the developer for the as-of-yet unnamed commercial development. Schneider is working with the same team that worked on the RED apartments, Reztark Design Studio as the architect and Turnbull-Wahlert Construction Inc. will likely build the facility.
Schneider said construction on the site should be completed by the end of 2020.