MIDDLETOWN, Ohio — The proposed $1.3 billion entertainment and destination district that would encompass more than 50 acres in downtown Middletown and along the Great Miami River either is a “once-in-a-lifetime” opportunity or an economic development project doomed to fail in the city.
It depends on who’s talking.
Ever since the city and out-of-state developers released information about Hollywoodland at a council meeting two weeks ago, there has been much discussion and debate throughout the region, and the project has drawn national media attention.
Hollywoodland would be located on nearly 12 acres of city-owned land off Water Street and First Avenue and on 41 acres currently owned by Forest Hills Country Club.
On Oct. 5, City Council heard the first reading of legislation that would authorize City Manager Jim Palenick to enter into an agreement with Main Street Community Capital LLC for the development of a riverfront destination entertainment district and theme park estimated to attract 3.5 million visitors annually to the city.
City Council will hold a special meeting at 5:30 p.m. Thursday in Council Chambers to further discuss the project and vote on the second reading. If the legislation is considered an emergency, it would have to pass by at least a 4-1 margin. If it’s changed to a non-emergency, it would have to pass at least 3-2.
Mayor Nicole Condrey has said she’s against the project, and council members Tal Moon, Monica Nenni and Ami Vitori have said they support Hollywoodland. Vice Mayor Joe Mulligan, whose family lives on South Main District in the Historic District near where the project is expected to be built may abstain from voting.
Regardless of how council members vote Thursday, Condrey believes Middletown residents will file a petition against the project and the issue will be placed on the ballot, possibly in May 2022.
The city is selling 12 acres along the river to the developer for $1. The city has the 40 acres at Forest Hills under options, and that land would be transferred to the developer.
Much of the discussion about the project has focused on whether such a large-scale development can succeed in downtown Middletown miles off the interstate and the history of the developer, Main Street Community Capital, formerly Opportunity Zone Hotels & Resorts.
Palenick said the city would utilize $7.5 million in American Rescue Plan Act Funds and would combine that with financial support from the state.
City Council approved spending $250,000 in March on a redevelopment study to determine if a large-scale, hospitality and destination entertainment-focused project could be “economically viable and sustainable,” the city said.
The city expects to spend $700,000 to $800,000 more in legal, engineering, lobbying, and professional consulting services and activities in support of the public improvements, according to the staff report.
As part of the proposed agreement with the city, Main Street Community Capital is required to commit $200 million in equity in the private portion of the development. David Elias-Rachie, one of the two principles of Main Street Community Capital, has said the partners haven’t started raising funds because they don’t know the maximum cost of the project from the contractor.
He said all the partners have been involved in more than $1 billion worth of projects at various firms.
On Oct. 5, City Council heard the first reading of legislation that would authorize City Manager Jim Palenick to enter into an agreement with Main Street Community Capital LLC for the development of a riverfront destination entertainment district and theme park estimated to attract 3.5 million visitors annually to the city.
City Council will hold a special meeting at 5:30 p.m. Thursday in Council Chambers to further discuss the project and vote on the second reading. If the legislation is considered an emergency, it would have to pass by at least a 4-1 margin. If it’s changed to a non-emergency, it would have to pass at least 3-2.
Mayor Nicole Condrey has said she’s against the project, and council members Tal Moon, Monica Nenni and Ami Vitori have said they support Hollywoodland. Vice Mayor Joe Mulligan, whose family lives on South Main District in the Historic District near where the project is expected to be built may abstain from voting.
Regardless of how council members vote Thursday, Condrey believes Middletown residents will file a petition against the project and the issue will be placed on the ballot, possibly in May 2022.
The city is selling 12 acres along the river to the developer for $1. The city has the 40 acres at Forest Hills under options, and that land would be transferred to the developer.
Much of the discussion about the project has focused on whether such a large-scale development can succeed in downtown Middletown miles off the interstate and the history of the developer, Main Street Community Capital, formerly Opportunity Zone Hotels & Resorts.
Palenick said the city would utilize $7.5 million in American Rescue Plan Act Funds and would combine that with financial support from the state.
City Council approved spending $250,000 in March on a redevelopment study to determine if a large-scale, hospitality and destination entertainment-focused project could be “economically viable and sustainable,” the city said.
The city expects to spend $700,000 to $800,000 more in legal, engineering, lobbying, and professional consulting services and activities in support of the public improvements, according to the staff report.
As part of the proposed agreement with the city, Main Street Community Capital is required to commit $200 million in equity in the private portion of the development. David Elias-Rachie, one of the two principles of Main Street Community Capital, has said the partners haven’t started raising funds because they don’t know the maximum cost of the project from the contractor.
He said all the partners have been involved in more than $1 billion worth of projects at various firms.
The Hollywoodland development is expected to include:
- A destination Marriott hotel and attached, publicly owned convention center with roof-top bar, themed restaurant and assorted amenities.
- A second, family-oriented hotel and water park.
- A third, historic, boutique hotel located within the adaptively-redeveloped First National Bank building.
- A major, indoor entertainment and concert venue for large, nationally and internationally acclaimed artists and touring Broadway productions.
- An indoor amusement park containing multiple, themed entertainment-based rides, virtual reality experiences, immersive entertainment opportunities and integrated retail, food and beverage.
- Structured and integrated underground deck-based publicly-owned parking with more than 3,000 spaces.
- On-site, mid-rise, luxury, market-rate apartment units and/or condominiums.
- Permanent, pre- and post-production motion picture studio sound stages and support offices and infrastructure.
- Multiple, restaurants, bars, brewpubs, and cafes, and a likely comedy club.
- Integrated fashion, electronic, lifestyle, convenience, and recreational retail.
