The City of Florence has released its Fall 2015 Commercial Development update. An overview of each segment of economic development activity, with some highlighted projects is included below. To view the complete report, click here
The City of Florence Commercial Development Update provides information on commercial development projects recently completed or projects in the process. Information also is included about the general strength of the various commercial sectors that make up Florence’s center of commerce.
Retail Activity
Overview: The regional market direct vacancy rate is 8.5%. Only four submarkets in the region have vacancy rates of 10% or higher. Direct retail vacancy rates are very positive in northern Kentucky, and all northern Kentucky markets perform better than the region: Kenton County, 6.0%; Campbell County, 7.7%; and Boone County, 5.1%. The Boone County rate includes Florence, which makes up a vast majority of the retail inventory in Boone County. When Florence is analyzed separately, the Florence direct retail vacancy rate is 3.8%.
+ Aldi, Houston Road & Bushelman Boulevard: Aldi is constructing an 18,000 sq. ft. store, located at the corner of Houston Road and Bushelman Boulevard. Construction commenced during summer, 2015, with anticipated completion in spring, 2016.
+ Florence Heights, Mall Road & Heights Boulevard: Development of Florence Heights continues. Site development commenced in fall, 2014, and the infrastructure work has been ongoing since that time. Construction of the Costco building is well underway, with a planned opening of November 11, 2015. Dave & Buster’s started construction on, their building this month, and Menard’s plans to begin construction on their building in spring, 2016. While not officially a part of the Florence Heights development, Planet Fitness is constructing a new facility at the corner of Mall Road and Heights Boulevard, with a planned opening in fall, 2015. There are two to three outparcels along Mall Road that are being marketed as restaurant locations. The overall development will include new and/or enhanced public infrastructure for egress from and ingress to the site.
+ Florence Square, Mall Road: Following a successful construction of the new Kroger Marketplace last year, Brixmor Properties continues their enhancements at Florence Square. Burlington (f/k/a Burlington Coat Factory) is renovating the end-cap of the center, where Kroger was previously located and opened on October 16, 2015. On outparcels at Florence Square, a new commercial building is being constructed that will include First Watch and two other to-be-named tenants. First Watch opened on October 12, 2015. Additionally, Gold Star Chili will be locating to the former Stafford Jeweler’s building, with renovations that commenced in fall, 2015.
Professional & Medical Office Activity
Overview: The region’s overall vacancy rate remained steady at 20.7%. The region’s office market is witnessing the return of investor interest, as investment sales activity increased over the course of the year. In northern Kentucky, the office market is identified by only two markets: Northern Kentucky Riverfront and Northern Kentucky. The Northern Kentucky Riverfront market includes the riverfront of Covington and Newport, while the Northern Kentucky market includes the rest of the three counties. The Northern Kentucky Riverfront market vacancy rate is 32.4%, and the Northern Kentucky market vacancy is 17.7%. When analyzed separately from the rest of Northern Kentucky, the Florence office vacancy rate is 13%.
+ Heritage Bank Operations Center, Dream Street: Heritage Bank moved its Operations Center to a building it acquired on Dream Street. Heritage Bank was able to participate in the City of Florence’s incentive program for bringing new professional jobs to Florence and for utilizing a building that was vacant.
+ Kemba Credit Union, Merchants Street: Kemba Credit Union is constructing a new 4,000 sq. ft. building at Merchants Street and Seligman Drive.
+ Matrix Liquid Manufacturing, 11 Girard Street: Matrix Liquid Manufacturing located its office headquarter operations to a vacant building at 11 Girard Street in January, 2015. This site will provide back-office and sales support to its customers and suppliers throughout the country. Matrix indicated it was able to locate at 11 Girard Street because of the city’s business growth and development incentive program.
Industrial Activity
Overview: The region’s overall vacancy rate is 5.9%. With fewer existing options available to owner-occupants, build-to-suit construction activity will likely be what drives future growth. This certainly holds true in Florence, with a vacancy rate of 1.4%. In northern Kentucky, the Airport market (Hebron, Burlington, and Erlanger areas) vacancy is 4.7%, Covington market (Covington and suburban Kenton County north of I-275, exclusive of Erlanger) is 8.6%, Florence/Richwood market (Florence, all of Boone County south of Florence, and all of Kenton County south of I-275, exclusive of Erlanger) is 1.8%, and a Campbell County market (all of Campbell County) is 8.6%.
+ Cincinnati/Northern Kentucky International Airport Development Parcels: The City of Florence and Cincinnati/Northern Kentucky International Airport are working to bring 177 acres of airport property off of Bushelman Boulevard into the city limits of Florence. The airport board and the Florence City Council recently approved the move. This will help to facilitate new advanced manufacturing and other primary industry in the area.
+ Magnolia Springs Senior Living, Ewing Boulevard & Dream Street: Magnolia Springs Senior Living Campus is currently under construction on several acres at Ewing Boulevard and Dream Street that were previously undeveloped. This development will include approximately 100 independent senior living residential units. Planned opening is October, 2016.
+ Senior Independent Living, Seligman Drive and Vandercar Way: An independent senior living residential development received approval from the Boone County Planning Commission for a development at Seligman Drive and Vandercar Way, which would include 48 units. The concept development plan will next come to Florence City Council for action.
City of Florence
Looking for date for menards to open nothing
Give something..push back date…new date anything….
There is no firm date yet, but Menard’s indicates a store at Florence Heights remains in its plans. Here is the latest from Mayor Diane Whalen’s “State of the City” along with a link to the story:
Menards has delayed their construction plans for Florence Heights and other locations across the country.
“According to all of our communications with their representatives, (Menard’s) remains committed to bringing their store to the Florence Heights development,” Whalen said.
https://nkytribune.com/2016/06/whalens-state-of-the-city-and-budget-address-highlights-successes-plans-for-the-future-in-florence/
What is being built in the lots by Planet Fitness on Mall Rd.
Outback Steakhouse directly behind PF
Sure would be nice to see a gander mountain come to the area
Outback Steakhouse is closing in Crescent Springs and moving behind PF. Supposed to open in May.