Council OKs study to consider project
Proposal includes hotel, convention center, more near Great Miami River.
Middletown City Council unanimously approved Tuesday night an emergency resolution allowing the city to spend $250,000 on a feasibility study to determine whether there’s a market for a $75 million mixed-use project near the Great Miami River.
City Manager Jim Palenick told council the project would be located on the 10.9 city-owned acres. The project could include a mix of a hotel, convention center, shopping and dining, he said.
He said the land is located in an Opportunity Zone that allows for preferential tax treatment and Middletown could take “full advantage” of those benefits.
“These are reasons why this can work,” Palenick said.
For the last six months, Palenick, city council and David Rachie, one of the developers with OZH&R, have discussed the project. Rachie and Palenick worked on a similar project when he was city administrator in Racine, Wis.
Rachie said his company receives numerous requests for development and chooses only a few projects. He toured downtown Middletown and called it “very quaint.” He sees potential in the downtown businesses, future development and has been impressed by the city staff and leadership, he told council.
“We look for special places,” he said of his firm.
Another benefit of a project in Middletown: There are more than 18 million people who live within a 2.5-hour drive of the city, he said.
Prior to Tuesday night’s council meeting, Palenick and Rachie talked about their plans for the project in an exclusive interview with the Journal-News.
Palenick predicted the project has the potential to “transform” the downtown.
“It’s very viable,” he said. “I’m very excited.”
After the feasibility study that may take five months, Palenick said the city can make a “go/no go” decision.
City Council