By Ken Alltucker
The Cincinnati Enquirer

The old Cincinnati Machine factory in Oakley could be demolished and rebuilt as a $100 million-plus outdoor mall anchored by a 16-screen Showcase Cinemas by late 2005.

Developer Trademark Property Co. said it has reached an agreement to sell land to National Amusements Inc. to build a state-of-the-art theater that could include a bar and restaurant. The theater would anchor a town square-style development called Market Street at Millworks with more than a half-million square feet of shops, restaurants and entertainment at the 72-acre factory site off Marburg Avenue.

A National Amusements spokesperson would only say that the theater chain is "working toward finalizing plans" with Fort Worth, Texas-based Trademark.

"It's a terrific location with tremendous growth potential," said Jennifer Hanson of Dedham, Mass-based National Amusements, which also owns media giant Viacom.

The Market Street project abuts the Center of Cincinnati development with Target, Sam's Club, Circuit City, Meijer and soon-to-open Home Depot Expo. And Rookwood developer Jeffrey R. Anderson Real Estate is awaiting a court decision that could trigger development of the $125 million Rookwood Exchange project in Norwood.

The Oakley theater would be one of the chain's plush Cinema de Lux theaters that include reclining leather chairs, assigned seating and concierge services. Hanson said Cinema de Lux theaters are now open in Los Angeles, Philadelphia, Louisville, Fairfax, Va. and two in New York City. Many include bars and restaurants in the theater lobby.

Hanson declined to say whether the new theater opening would prompt the chain to close its aging Bond Hill cinema, about two miles away at Reading Road and the Norwood Lateral.

Mount Lookout-based Vision Land Development over a year ago unveiled plans for the ambitious project, then called Millworks. Trademark has since taken on the role of lead developer of Millworks, renamed Market Street at Millworks.

Vision Land retains an undisclosed interest in the project, said Tom Carter, a Trademark owner and Millworks' development manager.

Carter said his team is still negotiating lease terms with a sporting goods retailer, a national chain bookstore, a gourmet grocer, fashion retailers and home furnishing and decor stores. No leases have been signed, Carter said.

"We will announce other tenants in the next 30 to 45 days," said Carter, who is based in Columbus.

Trademark and its partners have yet to complete a purchase of the factory site from Unova Inc., which itself acquired the factory from Cincinnati-based Milacron in 1998 and phased out the machine tool maker's operations. Carter said his group's delay in completing the purchase isn't because retail leases haven't been inked.

"There are conditions we are getting through," including environmental cleanup of the factory, Carter said.

The project's first phase will be only retail and entertainment. Later plans may include some office development and reuse of some factory artifacts, but the vast majority of the plant known as The Mill will be razed.

Financial backing for Market Street comes from Chicago-based Transwestern Investment Co., which runs an institutional investment fund, Aslan Realty Partners II. Transwestern officials didn't return a phone call Thursday.

Carter said he doesn't expect to ask the city of Cincinnati for direct financial aid. But he said the city's planned Kennedy connector upgrade should ease traffic flow.

E-mail kalltucker@enquirer.com