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4 QUESTIONS WITH STEINER + ASSOCIATES CEO
Yaromir Steiner, founder and chief executive of Columbus-based developer Steiner + Associates, answered the following questions about the $350 million Liberty Center project, scheduled to open October 2015 in Butler County.
Can you talk about how construction is progressing and are you pleased with the progress?
A: "I'm never pleased. I wish it was a few weeks faster, but yes, I'm happy that it's coming together."
Talk about the tenant mix that you’re seeing so far and the interest in the center.
A: "You'll see tomorrow (referring to the planned announcement of new tenant names Wednesday)."
“All modern retailers are represented and we are the most proud of, frankly, our restaurant mix. I think we have a really good food mix.”
What do you think is the biggest wow factor at Liberty Center?
A: "Basically the common area amenities. What we're offering to the public… is comparable to what's available downtown Cincinnati almost in quantity and size. The parks, and the chapel."
What is the biggest difference at Liberty Center compared to the other projects?
A: "It's a better version. Easton was invented 15 years ago, and The Greene was invented 8-9 years ago, and this is kind of a culmination of everything we've learned."
“It’s responsive to this year’s trends, not to 15-years ago trends.”
The $350 million Liberty Center project has been designed in response to changing times and will cater to the wants of millennials, the Chief Executive Officer of developer Steiner + Associates said Tuesday at a commercial real estate event held in downtown Cincinnati.
Local market changes such as Cincinnati and Dayton growing together, retail industry changes such as technology, and demographics all played a role in the center’s layout and amenities, said Yaromir Steiner, founder and chief executive officer of the Columbus-based firm. Steiner + Associates also built Easton Town Center in the Columbus area and The Greene in Beavercreek, for example.
A rooftop garden, public spaces “on steroids,” “experiential restaurants” and other features of Liberty Center are also an effort to create a compelling environment to lure customers and retailers alike, Steiner described.
“It’s a better version,” Steiner told this news outlet in an interview. “Easton was invented 15 years ago, and The Greene was invented 8-9 years ago, and this is kind of a culmination of everything we’ve learned.”
“It’s responsive to this year’s trends, not to 15-years ago trends.”
Currently, Steiner and partners are building the retail and office complex Liberty Center in Butler County's Liberty Twp., at the intersection of Ohio 129, Liberty Way and Interstate 75. The center is scheduled to open its first phase totaling more than 1 million-square-feet in October 2015.
The Butler County location off the highway is no coincidence. Steiner said Tuesday that Liberty Center is located in the middle of two growing metropolitan areas. It's also placed in northern Cincinnati suburbs with some of the wealthiest regional zip codes, yet an underserved area for retail, he said.
Additionally, trends for new household formation are calling for more households started without children, he said. And that tells the developer of well-known town center projects that housing demand is for smaller lots and attached homes.
Liberty Center will open with approximately 240 luxury apartments, but longer-term plans for expansion include more than 500 units at the site.
Millennials, defined as those ages 18-34 by the Pew Research Center, want walkable, urban areas with parks and public transportation, Steiner said.
Liberty Center’s tagline is “Life. Centered.” Under that theme, property managers will be partnering with community groups to promote wellness, Steiner said.
Three outdoor parks will be part of Liberty Center, including public space for events, concerts and farmers markets; water fountains; and a rooftop garden named “The Acropolis” where a chapel is located. Also, a community center on the property is available for rent for public use.
The Foundry building at Liberty Center, an enclosed mall or shopping gallery, has been built with room for indoor gathering space too. Steiner gave the example of what he called The Living Room inside the Foundry, with lounge seating and a café, as an ideal location for doing homework, meeting friends or holding small organizational meetings.
Mobile technology and online purchases mean retailers are now interacting with customers across multiple channels and not just via brick-and-mortar stores.
“Today the retailers are saying ‘do we really need another store?’” Steiner told Tuesday’s crowd at Duke Energy Convention Center. “You have to create compelling environments people want to be in.”
Three anchor tenants — Dillard’s department store, dinner-and-movie theater CineBistro and Dick’s Sporting Goods — have been announced along with AC Hotels by Marriott and The Funny Bone Comedy Club and Restaurant.
A dozen or so restaurants will open. Those named so far include Brio Tuscan Grille, Cheesecake Factory, Kona Grill, Rusty Bucket Restaurant and Tavern, Pies & Pints and Flip Side.
Expect more tenant names to be released Wednesday, Steiner said.
Estimates are for Liberty Center’s retailers, restaurants and other businesses to create approximately 3,500 new jobs by 2018, according to Liberty Twp. Economic Development Director Caroline McKinney.
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