REAL ESTATE SERVICES NEWS

MILANO’S, CITIZENS NATIONAL BANK TO OPEN LOCATIONS AT THE EXCHANGE AT SPRING VALLEY

Two businesses have recently closed on property at The Exchange at Spring Valley, located along the State Route 741 corridor in Miami Township across from Lexis-Nexis.

Milano’s Atlantic City Submarines, a locally owned restaurant, has begun construction on their Exchange at Spring Valley location. This is the restaurant’s second location in the area. Carra Builders will be constructing The Exchange at Spring Valley location, which is expected to open in the spring of 2007. The new location will feature the same casual fare of subs, salads and pizza, along with their daily, made-from-scratch bread and pizza dough, as the Brown Street location.

The first Milano’s Atlantic City Submarines restaurant opened in 1969 at 1820 Brown Street. The restaurant’s co-owners, David Fisher, Eric Lundgren and John Slaughenhaupt, introduced a restyled Milano’s Atlantic City Submarines in May, 2002. The redesigned eatery, offering a brighter atmosphere and significantly more seating, would serve as a prototype for the design of The Exchange at Spring Valley location. The Miami Township location consists of approximately 6,750 SF, with seating for 200 inside the restaurant and seating for 50 on the outdoor patio. The restaurant will bring approximately 100 jobs to Miami Township.

“The Exchange at Spring Valley is the perfect place for our second location because it is a great area with lots of potential,” explained co-owner John Slaughenhaupt. “My partners and I like the dynamics of The Exchange at Spring Valley. There will be a strong combination of retail as well as business and nearby residential, which makes the location extremely attractive and we’re excited to be a part of the growth in Miami Township.”

The Citizens National Bank of Southwestern Ohio’s new branch at The Exchange at Spring Valley will be this community bank’s third in the Miami Valley area. The bank currently has branches on Whipp Road in Centerville and on Old Troy Pike in Huber Heights. The new branch in Miami Township consists of more than 3,500 SF and will feature a coffee bar for customers, self-serve deposit boxes and a drive-up, 24-hour ATM with deposit capabilities. The branch will also feature two drive-through lanes that feature state-of-the-art equipment. Rather than the drive-through teller window, each lane is equipped with a camera and video screen that allows the customer and drive-through teller to interact “face-to-face.” The Citizens National Bank of Southwestern Ohio will be open 9:00 a.m to 6:00 p.m., Monday through Friday and 9:00 a.m. to 2:00 p.m. on Saturday. Oberer Thompson Company will serve as general contractor overseeing construction of the bank’s newest branch. Construction is underway and is expected to be complete in the spring of 2007.

“We are excited about the opportunity to form this partnership with Oberer Realty Services, Ltd. by selecting The Exchange at Spring Valley as the location for our third branch,” said Seb Melluzzo, President and CEO of The Citizens National Bank of Southwestern Ohio. “Miami Township is a growing community and the State Route 741 corridor is evolving to provide services to those who live and work in that area. We look forward to building a base of customers in and around the Miami Township community by providing the same exceptional level of service that defines The Citizens National Bank experience for our customers.”
The Exchange at Spring Valley is situated on a 42-acre tract of land being developed to accommodate carefully targeted retail and service operations in addition to standard office and office condominium space. The project, valued at $60 million, is the largest development in Miami Township since the construction of the Dayton Mall.

Oberer Realty Services, Ltd., a commercial real estate firm within the network of independent operating companies that comprise Oberer Companies, and Mills Development Company are collaborating on The Exchange at Spring Valley Development. They are the first to work with the “Growth Corridor’s” newly established Transportation Improvement District (TID). The TID is charged with reviewing and overseeing all development plans proposed within the proximity of the Austin Road interchange. Mills Development Company will construct the project’s office component. Oberer Realty Services, Ltd. will coordinate the retail component, managing all sales and leasing responsibilities for The Exchange at Spring Valley.
Oberer Realty Services, Ltd. currently leases 1.8 million square feet of retail and office space in the Dayton, Cincinnati and Columbus markets.
Oberer Companies is a third generation family-owned business founded in 1949. Oberer Companies has been distinguished as one of the Dayton area’s top 50 privately held companies and they rank among the area’s top 100 corporations.

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