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Tuesday, December 10, 2002

Norwood developer wants to change plans



By Ken Alltucker
The Cincinnati Enquirer

NORWOOD - The Cornerstone of Norwood developer hasn't been able to land a blue-chip retailer for its mixed-use project off Interstate 71, so it asked Norwood officials Monday to approve a development of two office towers instead.

Among the shops the Ackerman Group pursued for its $44 million Cornerstone mixed-use project was furniture retailer Closson's.

Yet the developer was unable to reach lease terms and now it wants to pack more office space on the triangular property bounded by I-71 and Smith and Williams roads.

Members of Norwood City Council's community development committee seemed receptive to the proposed change, largely because two office towers have the potential to draw more earnings tax collections than a single office building and retail store.

Council members want to see architectural renderings of the revised project before approving any changes.

"Take your time, and do something unique," said Councilman Will DeLuca. "No cookie-cutter project here."

Partner Dobbs Ackermann said his group is in "serious negotiations" with four tenants that would take 70,000 square feet of the first 120,0000-square-foot office tower. Though no leases have been signed, Mr. Ackermann is optimistic that construction of the first office building would start by spring if city officials approve the change.

The second tower would begin after the first building is substantially leased.

Mr. Ackermann said most retailers are interested in being part of a larger complex, such as the Rookwood Commons development in Norwood.

Ackermann's move brings into question the future home of Closson's. The furniture retailer said a year ago that it might leave downtown when its lease expired in 2003.

Closson's president Paul Darwish didn't return a phone call Monday for comment.

Cincinnati's community development department has floated plans to demolish a parking on-ramp on Fourth Street to make Closson's storefront at Fourth and Race streets more visible. Yet city officials say such a project would be too expensive. Closson's, which has a store in Montgomery, rejected plans to move down the street to Madison Marquette's project, on Fourth Street.

Developer Anderson Real Estate also has talked about luring Closson's to its proposed Rookwood Exchange development.

E-mail kalltucker@enquirer.com



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