Cincinnati — Saks Fifth Avenue has signed a letter of intent to relocate its downtown Cincinnati store to The Kenwood Collection, which Phillips Edison & Co. is transforming from a regional destination to a super-regional destination that will draw shoppers from three states.
According to the letter of intent, Saks will lease 80,000 sq. ft. of retail space over two levels of a building that fronts I-71. Plans call for the store to open in the spring of 2016.
Phillips Edison & Co. said that The Kenwood Collection is located within 90 minutes of more than five million people with $15.5 billion in spending power.
Phillips Edison & Co.’s Strategic Investment Fund purchased The Kenwood Collection, formerly Kenwood Towne Place, in July 2012 from a banking group led by Bank of America. Adjacent to Kenwood Towne Centre in the northern Cincinnati suburbs, The Kenwood Collection consists of 300,000 sq. ft. of upscale retail and 200,000 sq. ft. of Class A office space.