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Thursday, January 5, 2012

Newport Pavilion Getting to Work Again

The Newport Pavilion was one of two large developments that were sold by Bank of America two short weeks ago.  There is a good chance that this was the last piece of the puzzle that jump starts development.

The Cincinnati Business Courier reported in their last issue of the year that Anchor Investment Partners, LLC purchased the development from BofA for about 50 cents on the dollar.

According to the article (that requires a subscription to read the entire piece) Charles Townsend & Roger Watson of Anchor had this to say about hopes for the development:
Watson and Townsend, meantime say they hope to start construction early next year on up to 160,000 square feet of retail space.  Their goal is to have new retailers opening their doors for the back to school shopping season next fall.  Construction budgets are still being worked on.  Of the space that remains available for development, Townsend said there is interest on 95 percent of it.
The article mentions both Michaels and Marshals as continuing to be committed to the development but no additional retailers were listed.

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