This LOVELAND MAGAZINE HD VIDEO is Assistant City Manager, Gary Vidmar's report to the CIC, asking that Rookwood be given additional time. Vidmar also explains the difficulty in buying CSX railroad property needed for the development's parking plans.
Loveland, Ohio - The Loveland Community Improvement Corporation (CIC) met on December 18 and extended the time Rookwood Builders has to finalize a deal that would grant them the opportunity to build apartments and retail space at Loveland Station, the approximately three acre vacant site in the heart of the Historic District.
A previous agreement they had with the City was to expire on December 19. Rookwood Builders was given exclusive development rights to Loveland Station on September 11, when the CIC voted to sign a letter of intent, and gave Rookwood a 90 day period to conduct its due diligence and negotiate the terms of a purchase and development agreement with the CIC and the City of Loveland.
Assistant City Manager, Gary Vidmar said that Rookwood requested the extra 60 days to negotiate financing. "He needs additional time to get that financing locked up," said Vidmar.
Vidmar said that Rookwood is hopeful, still fully on-board, and excited about the project.
Rookwood has been reviewing conditions of the property, performing soil and environmental testing, reviewing zoning requirements, completing a marketing study, preparing conceptual drawings and cost estimates and preparing a preliminary proforma.
Vidmar said that the scope of the project has not changed. He said last September that he anticipated the project will consist of three buildings with a maximum total of 92 residential apartments. The bedroom mixes had not been determined. A minimum of 15,000 gross square feet of ground level retail and commercial space in one building, plus a parking area with approximately 224 spaces are planned.
The principal in Rookwood Builders is Miami Township resident and developer, Dan Rolfes. He is the founder of Holiday Homes, Freedom Homes and Potterhill Homes, and best known for manufactured homes. Rolfes said last July that his business has diversified and he is now building apartment communities in Indiana, and recently completed a custom home in the Miami Township Homerama at Willows Bend. The Homerama home was the first "Zero Energy" home built for the annual showcase of Cincinnati area builders. He said he has been building apartments in Indiana for ten years. Rolfes also develops commercial real estate. He said he owns most of the buildings in Park 50 in Milford and the Eastgate Professional Office Park.
The CIC is a quazi-government agency of the City of Loveland. The majority of the Board are council members.