Austin South project moves toward reality
Springboro plans expected to spark $380M in investment.
A project more SPRINGBORO — than a decade in the making — combining upscale housing, retail and other development now predicted to spark more than $380 million in investment could — be under construction late next spring.
Tonight, Springboro City Council is expected to approve an agreement with developer Larry Dillin to form a partnership for the project known as Austin South-Springboro.
“It’s been a long process with give and take on both sides,” Springboro City Manager Christine Thompson said Wednesday. “This is a significant piece of property for Springboro to have developed.”
It comes as Dillin concludes work at Austin Landing, a mixed-
used development at Austin Boulevard across from the new project site along Interstate 75.
To get the next phase moving, Springboro is expected to finance more than $32 mil- lion to pay for roads and other infrastructure.
Dillin, his investors and the companies moving to the development are expected to put in as much as $350 mil- lion, according to the devel
opment agreement released earlier this week.
Upscale senior and multi-family housing, a hotel and retail are among the uses anticipated in the first phase of the 67-acre development on the southeast corner of Interstate 75 and Austin Boulevard, in Springboro and Miami Twp. Late Tuesday, Dillin
said commitments for a 120,000-square-foot senior housing facility, 350-unit multi-family housing development and 150-room hotel were tentative.
“The three-party develop- ment agreement between City of Springboro, Spring- boro Landing Associates and VisCap establishes a framework under which the Aus
tin South-Springboro development can proceed to closing and construction,” Dillin said in a statement.
“Next, the important work of solidifying firm commitments from specialty develop- ers and end-users can begin in earnest. Based on the various expressions of interest received to date, the mar- ketplace appears ready to accept a project of this quality in Springboro. And impor- tantly, Springboro and Vis
Cap remain committed to delivering a special community development solution of which we will all be proud.”
The preliminary commitments, backed up by letters of intent, are listed in an 80-page development agreement pro
jecting private investment in the project of more than $350 million and more than $32 million in public investment by Springboro.
The agreement indicates the project also has letters of intent for 18,000 square feet of retail development on two out-lots on the property.
Dillin and the city reached agreement after setting aside terms of a settlement reached by the city and the prior developer, R.G. Properties, in a lawsuit about plans to build a WalMart there.
The development agreement sets out design and zoning guidelines, Thomp- son added.
It also sets a schedule of payments to Miamisburg City
Schools, starting in 2021. Payments of more than $3 mil- lion would be in lieu of taxes on the improvements that are to be diverted through tax incremental financing to help pay for the development. Dillin is expected to unveil the plan for the pub-
lic tonight during the city council meeting.
The development is to be accessed off Austin Boulevard by an entrance across from one leading into Austin Landing and allowing no left turns for westward motorists. A full entrance would be built off 741, Main Street in Springboro.