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Saks not coming to Kenwood Collection

SYCAMORE TOWNSHIP, Ohio (WKRC) -- Saks Fifth Avenue will not be coming to the Kenwood Collection.

Phillips Edison & Company is the developer for the former Kenwood Towne Place. Phillips says the decision to no longer pursue Saks came down to money and conditions.

David Birdsall, president of Phillips Edison & Companys Total Retail Solutions, says the announcement will not have an impact on the development. This is still Kenwood, Birdsall said. The Kenwood Collection is still the best piece of real estate in the area. We worked hard and negotiated with Saks in good faith. But in the real estate business there are times when the numbers just dont add up. This is one of those times.

Birdsall says abandoning the Saks plan will actually speed-up development because they "will not be beholden to their time lines and conditions.

Three tenants - Neace Lukens Insurance, Unlimited Systems and PLK Communities - have signed leases for the office portion of the project, which is set to open in 2015.

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