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Tuesday, December 11, 2018

Newport on the Levee Getting Attention for National Retailers

Cincinnati-based North American Properties (NAP) has closed on its purchase of Newport on the Levee from California-based The Price Group, LLC.

The property is a 360,000 square foot, mixed-use development with incredible views of the Cincinnati skyline and the Ohio River, surrounded by local attractions such as the Newport Aquarium and Purple People Bridge.

“As a Cincinnati-based company, we are dedicated to investing in the region and are committed to elevating the entire Newport on the Levee experience for the local community,” said Tom Williams, president and CEO.  “Newport on the Levee is a regional landmark and we are proud to bring our local ownership and passion to the re-imagination of a truly irreplaceable property.”

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North American partnered with Boston-based real estate private equity firm Long Wharf Capital on the acquisition and US Bank’s Cincinnati office provided debt financing. Locally, real estate specialists Jeffrey R Anderson company and 360 Partners, who previously teamed up to deliver the Kenwood Collection, will lease and manage the redevelopment.

Plans for the first phase of renovations, construction, and new tenants will be announced over the coming months, with the completion of the project expected in the next year.

Key features will include major physical improvements, with exciting tenants and an event calendar that is already in full swing.

“Winter Wonder on the Levee” is a 90-day holiday program that has already drawn thousands of visitors to enjoy Christmas lights, fireworks, concerts, Kentucky’s largest skating rink, and other holiday festivities.

“Our vision focuses on the ‘New’ within Newport on the Levee. New chef-driven restaurants, new vibrant entertainment options, new creative workspaces that will all enhance the existing property that sits on top of 2,200 covered parking spaces with irreplaceable city and river views,” said Tim Perry, managing partner and chief investment officer of NAP. “Once our renovation is complete, there will be nothing like this in the entire Midwest.”

At the time of the closing, NAP leaders and Newport city officials indicated that the project is drawing significant attention from national retailers and restaurateurs from nearby Louisville and as far as California and New York.

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