NEWPORT — The city has dumped Neyer Properties as the developer of a planned $100 million upscale shopping center because the Evendale company doesn't have the financial clout to pull in retailers, city officials said.

        “It's not that Neyer as a development group can't make projects work,” City Manager Phil Ciafardini said. “In this particular case, it was becoming clear that they really didn't have the financial clout or leverage with some of these retailers that other developers might have.”

Anna Thibodeaux expected to sell her home to Neyer Properties. (Patrick Redding photo) | ZOOM |

        The decision to find a new developer for Newport Promenade has caused headaches for more than 100 cash-strapped property owners in the area of 10th Street and Carothers Road. The homeowners, with contracts from Neyer in hand, are in the process of buying homes elsewhere on the belief that Neyer would soon purchase their homes.

        But the development and construction company says its ability to hook retailers has nothing to do with the project's problems.

        Neyer President Dan Neyer said retailers wouldn't come on board because up to 13 Newport property owners had refused to sell to make way for the project.

        A lawsuit filed in U.S. District Court in Covington by four residents against Newport to stop the city from using eminent domain to acquire property has also had a part in holding up the project, Mr. Neyer said.

        “We knew it was going to be difficult, even if we had universal approval,” he said.

        The 55-acre shopping center was one of the most massive projects ever tried by the seven-year-old Neyer Properties, Mr. Neyer said.

        The company needed to obtain 150 properties — the most it has ever had to acquire for a project.

        “Fellow competitors said we were crazy to try it, and maybe we were,” he said.

        While Mr. Neyer said his company has not been formally notified of the city's decision, Mr. Ciafardini says he hopes to begin talks with the company about a “quick, friendly split,” as soon as possible. Neyer Properties will continue developing the other part of the Newport Promenade project — 52 single-family homes that will cost between $300,000 and $500,000 each, Mr. Ciafardini said.

        The planned shopping center was to feature four large anchor stores, as well as some smaller retail/specialty shops and as many as five restaurants. As the city searches for a new developer, residents who still have contracts to sell their homes to Neyer are wondering what's next.

        Anna Thibodeaux of 1244 Vine Street said her third contract with the company will expire at the end of the month.

        The single mother of three says although she didn't go out and purchase another home like many others, she has had belongings in a storage locker since last year so that she could move quickly.

        “I just thought "Well, I've seen too many other people go look at houses and lose them (to other buyers) because they have not sold their homes,”' she said.

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