Developer Jeffrey R. Anderson Real Estate has started constructing the $100m project, Rookwood Exchange, in Cincinnati, Ohio, US.
The 12 acre development, which is located at the Smith-Edwards exit off interstate 71, will feature a Marriott Courtyard hotel with 123 rooms, as well as a 15,000ft² retail building along Edwards Road.
It will also include 230,000ft² of mixed-use retail/entertainment/office space, two 9,000ft² restaurants, and parking space for over 750 vehicles.
The $20m Marriott hotel, scheduled to open in spring next year, is a partnership between Jeffrey R. Anderson Real Estate and commercial real estate firm Brandicorp.
The project, which has been in planning since 2003, when Jeffrey R. Anderson Real Estate purchased almost all of the properties on the three block area needed for the exchange, will go forward without a 16 screen cinema that was originally intended.
US Bank will fund the project while Schumacher Dugan Construction will be responsible for the construction work. The City of Norwood will provide $25m in tax increment financing to fund the parking structure, surface lots, traffic improvements and a new traffic light on Edwards Road.
Anderson Real Estate will build a new road from Edwards through the site, connecting to Edmonson at the traffic lights that currently link Rookwood Commons.
Construction on the hotel will start immediately and is expected to finish in late 2012 or early 2013, while the construction on the office building and retail will commence this summer and finish in late 2013.