A Columbus developer and builder of premiere multifamily communities has its sights set on its newest project in the Dayton area with a recent acquisition.
Vision Companies recently closed on the purchase of a 28.5-acre property in the Miami Valley Research Park (MVRP) in Kettering. The site is adjacent to Industrial Commercial Properties’ (ICP) Sixth River office park and Reynolds & Reynolds.
Part of the Sixth River master plan, Vision plans to construct a market-rate multi-family housing community, dubbed “VC Flats”. In a joint release, the companies said it’s the first large multifamily project built since the mid-1980s in City of Kettering.
“As Kettering and the Miami Valley Research Park continue to grow, it is vital for area’s housing mix to keep pace,” said Brent Wrightsel, Vision Companies founder. “VC Flats will be a critical part of the overall housing solution, a premiere apartment community that will be help keep pace with the ongoing influx of people to this thriving community.”
FC Flats is expected to feature about 264 apartment units. The complex will be constructed across nine, three-story buildings. Proposed on-site amenities include a clubhouse, fitness center, pool, sand volleyball court, outdoor patio and a rooftop deck with view of an adjacent lake.
“This new residential community will be the first of its kind within the Research Park, providing much needed housing options for the over 4,400 employees working within the Research Park,” the release said.
MVRP is home to several major employers, including Reynolds & Reynolds, Solvita, Matrix Research, Resonant Sciences, Woolpert, Resonetics, and Eastman Kodak.
ICP continues to retain ownership of the adjacent Sixth River office park, which includes 290,000 square feet of office space across five buildings. The office park features fully renovated suites ranging from 2,000 to 40,000 square feet. ICP also has additional sites for commercial development within the research park.
“We’re incredibly excited to welcome this high-quality residential development to Miami Valley Research Park and Sixth River,” said Dean Miller, senior vice president at ICP. “The addition of thoughtfully designed apartments enhances the appeal of MVRP as a true live-work environment. At the same time, we’re continuing to see strong momentum in our adjacent Sixth River office park, with new tenants moving in and contributing to the energy and innovation that define this campus.”
The release stated the project is made possible by the collaborative efforts the City of Kettering and ICP, which “played an essential role in zoning adjustments and crafting incentive packages to attract a top-tier residential developer and operator to the area”.
Vision Companies, headquartered in Columbus, is a developer and builder of premiere multifamily communities throughout Ohio with over $1 billion in completed projects.
Founded in 1996, ICP is a real estate development company headquartered in Cleveland specializing in commercial and industrial rehabilitation, build-to-suits and economic redevelopment. ICP currently owns over 150+ properties with more than 350 tenants, totaling 46 million square feet of industrial, office and commercial space.