Saks Fifth Avenue not moving to Kenwood
SYCAMORE TOWNSHIP, OH (FOX19) - Saks Fifth Avenue will not be relocating from its downtown Cincinnati location to the Kenwood Collection, according to the developer Phillips Edison & Company.
The developer had been in lease negotiations with the high-end retailer for over a year, but in the end said that current economic conditions did not support pursuing the deal.
"There were a lot of conditions that in the end no longer made this a viable project for us," said David Birdsall, president of Phillips Edison & Company's Total Retail Solutions via press release. "We have elected to discontinue pursuing Saks and move forward on developing an alternative plan that is more similar to an upscale lifestyle center featuring destination and national tenants that have long searched for a place in the Kenwood market."
Birdsall said the developer is continuing to move forward with the project, which is scheduled to open in 2015, and in addition to the primary shopping area - which totals 300,000 square feet of retail space - also includes 200,000 square feet of Class A office space.
Phillips Edison & Company bought the former Kenwood Towne Center in July 2012.
Cincinnati Mayor John Cranley said he is pleased Saks will remain at its current location at Fifth and Race streets in downtown for at least the short term, although he does not want to raise long term expectations.