Developers sell apartments, retail space of The Banks - News, Weather, Sports, Toledo, OH

Part of The Banks sold to Nashville based company

CINCINNATI, OH (FOX19) -

The developers of the first phase of the Banks have sold a portion of Phase IA of the project, including multi-family apartments and the ground floor retail space below.

The new owner, NIC Riverbanks One, LLC is an affiliate of the Nicol Investment Company, a privately held company headquartered in Nashville, Tenn. with a long history of successful business pursuits including senior housing, office, retail, industrial and self-storage properties.

The new Phase IA owner will be governed by the same Master Development Guidelines as Carter/ Dawson so that the original community vision of the project is maintained and quality is assured.  The retail and apartments will continue to be leased and managed by Jeffery R. Anderson Real Estate and Village Green respectively.

Carter/Dawson and USAA Real Estate will continue to own the remaining portions of The Banks Phase I which includes the two outparcels located south of the Freedom Center and the Phase IB hotel and office sites.

Carter/Dawson is planning to commence construction of Phase II of the Banks, adjacent to the Freedom Center, by the end of the year.  Phase IIA consists of 305 apartments, approximately 19,000 square feet of retail and a pad site for future development which could include office, apartments or a hotel.

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