Governor's Place Redevelopment
The decline of strip shopping centers in this country is becoming more and more abundant. The high cost of demolition and the need for quick profit makes redevelopment of these sites somewhat unappealing to private developers. Such was the case of Kettering’s Hills and Dales Shopping Center, a 25,000-square foot center that enjoyed healthy profits into the ‘70s and then slowly deteriorated in the late 1990’s.
In 1999, the center’s owner asked the City to buy the site. City officials were reluctant to become involved in the development, but had experience with the redevelopment of an Air Force Base and another small industrial site. And ultimately, the deteriorated shopping center had an incredibly negative affect on the adjacent neighborhood. The City purchased the Hills and Dales Shopping Center hoping to sell off the entire site to another developer or to develop a site plan and sell off parcels. The two options were worked simultaneously for several months. When no developer came forward, the City eventually went forward with its plan to sell off individual parcels.
Today, the site has been totally revitalized. Every parcel in what’s now known as “Governor’s Place” has been sold and over 500 jobs have been created. The City recovered its investment on the project in less than ten years and the overall payback was completed in seven years, three years ahead of schedule.
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