The city of Kettering has sold 28.5 acres of Miami Valley Research Park land targeted by a real estate business for a development that could include an apartment complex.
The land purchased by an LLC tied to Industrial Commercial Properties is near the Beavercreek border, just north of Reynolds & Reynolds, according to Montgomery County and state records.
The property, which the city said it sold for $285,410, stretches along County Line Road from Research Boulevard north to Spaulding Road.
The 1,250-acre research park straddling Beavercreek and Kettering is home more than 4,000 jobs, about 2,400 in the Montgomery County city, records show.
ICP has talked about building an apartment complex in the 300-unit range, and residential construction will be the main focus of the land, said company executive Dean Miller.
“We felt good enough about that we decided we wanted to go ahead and own the property,” Miller said. “We’re still working on advancing the multifamily project … That’s the primary goal there.”
He said it’s unlikely that ICP will be the developer on the project.
“Mainly we’re just trying to identify the right partner and the right project for the site,” Miller added.
He said those discussions and rising interest rates make any timeline for submitting plans to the city “a bit premature.”
The sale to ICP subsidiary Kettering Research Park Land LLC was recorded May 4, county land records show.
The purchase now gives the real estate developer about 68 acres at the research park, Miller said.