Thursday, July 29, 1999
INDUSTRY NOTES: REAL ESTATE
Twin Towers to build in Montgomery
BY JOHN BYCZKOWSKI
The Cincinnati Enquirer
Twin Towers retirement community in College Hill is planning a new community in Montgomery.
The $60 million project will be built on two sites totaling 37.5 acres. One site off Hopewell Road will feature patio homes, and the main campus straddling Perin Road will include patio homes, independent living facilities, a clubhouse, a health care building and a medical office building.
When complete, the complex will house 400, with employment of 195.
Pending zoning and site plan approval, construction is expected to begin in 2001. Twin Towers is a century old this year.
Developer breaks ground on 295-room Marriott
The boom at Union Centre Boulevard along Interstate 75 in southern Butler County continues: Winegardner & Hammons Inc. recently broke ground on a 295-room hotel, the third Marriott the company will develop and its 10th developed with Western & Southern Life Insurance Co. as partner.
The hotel will have 14,000 square feet of meeting space, nine executive boardrooms and a fitness center. Some 200 rooms will be “Rooms That Work,” configured for business travelers, with big desks, dual phone lines and data ports.
25 appraisers form national network
Strickland & Wright, a Cincinnati real estate valuation firm, is one of 25 such firms nationwide that have combined to form a single company.
The new firm, Integra Realty Resources of New York, forms a nationwide network for real estate appraisal, with 31 offices and 300 employees.
The reason for the merger: Clients wanted it, said spokesperson Peggy Mackinnon. Clients more often don't want a single property appraised, but a portfolio of properties spread across many cities.
Those investors want to deal with one company, not many.
In addition, “A lot of the clients would prefer to deal with an independent firm, one that's not associated with a broker,” she said.
The new company will be based in New York City.
4 Prologis buildings nearing completion
Prologis says it's nearing completion of four buildings with more than 775,000 square feet of space at West Chester Commerce Park.
One 158,400-square-foot distribution building has three tenants: International Marble and Granite, Renold Power Transmission and Millcraft Paper. A second distribution building, with 205,920 square feet of space, will open in November.
Prologis has also completed two research and development facilities for Procter & Gamble Co. with 411,000 square feet of space. These buildings will be used for package design and design of manufacturing systems.
Speedway scores key sponsor
Starkist's rock-'n'-roll CEO resigns
Local firm ranks high in billings
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