Al. Neyer, Inc. extends investment in City of Middletown’s Renaissance District with 59-acre purchase

Developer readies for East Pointe Building 200 groundbreaking after completing lease with Paychex calling for February 2009 building occupancy.

Middletown, Ohio – Al. Neyer, Inc. purchased two vacant parcels totaling 59 acres just north of the new Atrium Medical Center, directly east of Interstate 75. The developer had been working to purchase the tracts for more than a year, and has identified them as key to the resurgence of the city’s 1,000-acre “Renaissance District,” at the I-75 and State Route 122 interchange.

The developer today is also a step closer to breaking ground on East Pointe Building 200, the first phase of its 228,000-square-foot corporate office campus in the Renaissance District. Al. Neyer closed on the land purchase and financing necessary to start construction of East Pointe Building 200. Al. Neyer will design and build the 50,000-square-foot building to attain Leadership in Energy and Environmental Design (LEED) certification.

Paychex North America, (NASDAQ–PAYX), a national payroll and human resource service provider, last month signed a lease to occupy the top floor of East Pointe Building 200 – about 25,000 square feet -- and employ 117 at the operation when it opens in February 2009.

According to James T. Neyer, vice president, real estate development for Al. Neyer, Inc., the company paid just over $3.5 million for the 59 acres north of the new hospital and health care research campus and hasn’t yet finalized plans for the site, but envisions high-quality mixed-use development that may include office, medical office, community-oriented retail and multifamily residential.

“As the City’s development partner for the Renaissance District, Al. Neyer drove the comprehensive master development planning process for this exciting area in 2006, so the foundation is in place that reflects the desires of the community,” James Neyer says. “We’ll develop the site according to the roadmap set forth in the plan.”

“These jobs are the kinds of jobs we are trying to attract to help diversify and modernize our local economy,” according to Bill Murphy, economic development director of the City of Middletown. “Paychex will be housed in the first of what we hope to be several environmentally friendly “smart office” buildings in our community.”

Through its own city-wide planning efforts, Middletown identified its Renaissance District as its best opportunity for economic diversity and growth. It chose Al. Neyer over eight contenders to prepare a development master plan for this District. A major impetus was the upcoming reconfiguration of the highway interchange by the Ohio Department of Transportation, along with the new $195 million hospital on a 190-acre health care campus. Al. Neyer, along with key consultants Property Advisors and Woolpert, followed a two-level planning process that balanced market analysis and site analysis. The plan created describes a regional business and living center that is economically and environmentally sustainable. Largely because of this work, the City obtained a $2.16 million Job Ready Sites Grant from the State of Ohio in the program’s first funding round.

“Renaissance District is an identifiable place to work, live, learn, work out and shop, all within walking distance to a world-class health care center,” according to Christopher Dobrozsi, director of real estate development for Al. Neyer. “It’s an honor to work on the City’s first LEED building.” 

Contact:

Gail Paul
Al. Neyer, Inc.
(513) 379-8153