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Wednesday, August 27, 2014

Fort Thomas Plaza Mounting Comeback

Fort Thomas Antiques and Design Center 
The Fort Thomas Plaza had come upon some hard times over the last decade. Increasing competition, namely the Newport Pavilion and Newport on the Levee, have been the main culprit for the decline of the commercial real estate located at 90 Alexandria Pike. Most recently, Flipdaddy's spurned Fort Thomas Plaza for a spot at the Newport Pavilion. 

FTM has documented the timeline of the plaza, which can be read here. 

The property was transferred Woodmen of the World from Myers Y. Cooper Company in March of this year. Myers Y. Cooper bought the property in 2005 for $3,140,000 and transferred the property to Woodmen of the World for $1,750,000, who will make capital improvements to the property in lieu of demolishing the existing buildings and building new.

Woodmen of the World has contracted local Neyer Management to lease the property. Neyer is the largest third-party management firm in the region and has had success with similar properties.

CEO of Neyer Management, John Meyer is upbeat about the arrangement. "We are actively marketing the property and have had faster interest than we expected.  The lender is committed to making investments in the property to put it back into more active commerce and well-funded to do so," said Neyer.  "When properties come into distress, sometimes the funds to make new deals cannot be found.  In this case, funds are available and the initial response from the market has been positive."

Neyer's biggest challenge is going to be finding "destination" retailers. While the traffic around the Fort Thomas Plaza is great, access to the property is somewhat difficult. That is why who Neyer brings to the Plaza is of utmost importance. There are currently around 10 spaces for lease, which is around 80% of the development.

Here are some of the upcoming changes to the facility:

-Nick Spatola, Spatola Wrestling, is partnering with Emily Davies to bring Fort Thomas Yoga to that same location.

- Rob Robinson is moving Fort Thomas Antiques and Design Center into the anchor property, previously rented by Drug Emporium and more recently Fischer Homes. Fort Thomas Antiques and Design Center will be "a 17,500 square foot coffee shop surrounded by a really fun antique and design center."

It's obvious that the owners are trying to create a differentiator proposition for potential consumers. They are boasting having over 100 vendors as well as a coffee house called, Highlander Coffee House with fresh beans roasted by Newberry Bros. Coffee.

Also, starting September 1st, the Friday Farmers' Market will be moving to this location.

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