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The currently unused property containing the old Wal-Mart building on Locust Street may be housing new tenants, pending an agreement between Wal-Mart, the property's owner and a Dublin, Ohio-based construction company.
Oxford Economic Director Alan Kyger said that though Wal-Mart has moved its business to the College Corner Pike location, the company has a lease on its former property until 2019.
"It's made it a very difficult property to redevelop," he said. "Wal-Mart wants to sell the building for $1.8 million, and (the purchaser) has to assume the lease. It becomes a very expensive redevelopment project."
Kyger said the building's commercial zoning also poses a problem for potential developers.
"Right now, it is zoned business, not residential," Kyger said. "Almost everyone that's inquired about the property wants to put apartments on it. Oxford's biggest industry is student housing."
In the spring of 2007, the Trammell Crow Company proposed rezoning the property as a mixed-use area-with both business and residential space.
On May 17, 2007, the Oxford City Planning Commission approved the demolition of the Wal-Mart building and plans that would build commercial areas facing Locust Street with 68 residential units behind.
However, when the city required construction on both the residential and commercial areas to begin at the same time, and the developer backed out, Kyger said.
Recently, another developer has refined the approved plans. New Village Communities, LLC has created a design for the property including 68 residential units and 40,000 square feet of commercial space and hopes to bring the new plan back for city approval in January.
"I worked with (Tramwell Crow Company) a couple of years ago-we had a preliminary plan approved for that site," said Scott Webb, a local architect who has worked with both developers. "My clients withdrew that site. New Village Communities, LLC, has picked up where that client left off."
Robert Fiorita, an architect representing New Village Communities, said his company hopes to get the plans approved and agreements made with the landowner so construction can begin.
"The project is waiting to go into final plan approval, pending an agreement with Wal-Mart and the landowner," Fiorita said. "As soon as we reach a decision, we hope to begin within six months of approval."
Fiorita said New Village hopes to build high-end student housing with rental rates competitive with on-campus housing available for the 2010-11 academic school year.
"There would be parking for every bedroom, and fully amenitized clubhouse and workout facility," Fiorita said. "More than likely, we'd include a computer lab and print lab and probably a theater."
Although no tenants are currently signed for the commercial space, Fiorita said his company has been working with several companies and expects to have some portion of the business area signed by the time construction begins.
James Brock, professor in Miami University's economic department, said the new complex might contribute to lower rent prices in Oxford.
"We've had a pretty impressive increase in rental apartment space," he said. "It would have an interesting effect in adding to the supply of rentals and pushing down rent prices. From an economic point of view, we've already reached the point where you see a lot of 'For Rent' signs."
Brock said he thinks the development would be good for Oxford aesthetically and in terms of business opportunities.
"The mixed-use part would be nice, that part of town seems to be sort of an economic Bermuda Triangle," Brock said. "There are a number of stores sitting empty, like the old Odd Lots and an old drug store. I think to have something going in there would probably be a good thing, and it would be a great visual improvement. Plus, we might actually get another restaurant that doesn't sell pizza or subs."
Students have mixed views about how well the student rentals would sell.
"I wouldn't look into living there, it's awfully far from campus," said Miami sophomore Angela Winterbotham. "That location is kind of inconvenient," Iris Jin, a Miami sophomore who recently signed a lease for off-campus housing, said she disagrees.
"The house I signed for is quite far from campus, but it was a nice house and a great deal," she said. "I think people will be willing to give up location for quality and a good price."
