The property has frontage on State Route 113 on Quarry Road approximately three miles from the Ohio Turnpike. The new ownership envisions a mixed-use development on the land replete with residential, high-end retail, a hotel, a golf course and a year-round aquatic center with a retractable roof.
Trans European Securities International LLP was created specifically for the purpose of acquiring the American Stone Property. Little information is known about the players involved in the consortium and their development timeline and a representative could not be reached for comment. A source with the seller tells GlobeSt.com that members of the consortium have redeveloped other quarries around the world.
American Stone began negotiating with Trans European Securities in late May 2004. At that time, The European consortium was granted an option to acquire the land for $23.74 million in exchange for a $250,000 option payment.
That option was scheduled to expire in August 2005. Until this week's press release stating an agreement had been signed at a 35% discount to the original option, American Stone had not released any public information since late April 2005, when it terminated its SEC registration.
Under the old agreement, Trans European was to pay about 20% of the $23.74-million price upon exercise of the option, about 40% of the cost one year later and the remainder one more year later. In addition, under the old agreement Trans European had agreed to share with American Stone a portion of its earnings related to non-residential sales.
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