Mon April 8, 2013
Troubled Kenwood Towne Place has a new name and marketing plan
The just released marketing materials show seven floors, including a health club, spa, restaurants and 220,000 square feet of office space. In addition, the development at I-71 and Kenwood Road will have 300,00 square feet of retail space on three levels. Phillips Edison also confirms a rooftop garden in the plans.
Kenwood Collection has been sitting partially vacant since construction stopped in 2008. The project fell into bankruptcy after former developer Bear Creek Capital was unable to pay contractors. The case is still being litigated.
Bank of America originally acquired the property at a Hamilton County Sheriff's auction in July 2012 for $27.5 million. Bank of America soon sold the development to Phillips Edison, which had been quiet about specifics until the marketing materials were leaked.
Shortly after the sale, WVXU went to Kenwood Towne Place to interview customers at the few remaining businesses. They spoke of power outages and emergency alarms, but liked the convenient location.
Phillips Edison says it will pitch Kenwood Collection at the upcoming International Council of Shopping Center's Global Retail Real Estate Convention.
It's unclear when the project will be finished.
Developer allegedly stole millions