Economic development around the Airway Shopping Center continues to be a focal point in Riverside, with more growth anticipated in 2013.

Seven new outlots were created due to a $300,000 traffic signal relocation project on Woodman Drive that took place in late August, and they are expected to generate at least $8 million in new construction in the Airway Shopping Center area, city officials have said.

One of the outlots will be occupied by a new McDonald’s, replacing the vintage-style McDonald’s located on the southwest corner of Airway Road and Woodman.

Phil Saken, communications manager for the Ohio region of McDonald’s, said construction on the new restaurant will begin in the early spring. The new McDonald’s will be more traditional, featuring a double drive-thru and free wireless Internet. The existing location will remain open during the construction process, Saken said.

The new McDonald’s on Woodman is projected to open in early summer, and city officials hope that construction leads to more development along that corridor.

“McDonald’s is such an attraction that other businesses like to benefit from that,” said Bob Murray, the city’s director of planning and economic development. “We’re talking to a couple of people, ranging from small retail outlets to additional restaurants. We don’t have anything inked yet.”

The Airway-Woodman area became a tax increment financing district in October when the state approved it. The Airway TIF district consists of 53 acres, and it’s designed to generate revenue as real estate values increase for existing properties and when new structures are built. There are 61 parcels and nearly $15.4 million in market value, Murray has said.

This type of TIF will use the “piggy bank” method, in which the city won’t use any of the money until it is available. Murray said the city is “about a year and a half away from the big hits when McDonald’s kicks in.”

“The future of that business district remains bright,” Murray said. “What we’re trying to do is enhance it — raise the quality for what’s there and the draw. We want to create more density to make it more profitable for the city and the owner.”

Peggy Henthorn, who manages the Airway Shopping Center for Cleveland-based Mid-America Management, did not return multiple messages and emails seeking comment.

The Airway Shopping Center — built in 1959 — features approximately 250,000 square feet and has about a 75 to 80 percent occupancy rate. Murray said a carpet store is expected to open in one of the vacant spaces.

“Airway always has been a concern of mine,” said Sara Lommatzsch, a board member for the Riverside Area Chamber of Commerce. “I’ve always felt there was potential with the traffic that goes through that intersection every day. Unfortunately, the economy hasn’t worked in our favor, and our neighbors like Beavercreek can offer more incentives to developers. McDonald’s going in there will hopefully spark some more interest.”

The average daily traffic count is 35,000 for Woodman and 15,000 for Airway, Riverside City Manager Bryan Chodkowski said. The city is working on the timing of the new signal on Woodman to have it more in sync with the Woodman-Airway signal.

“I hope it really does take off,” said Judy Horn, president of the Riverside Historical Society, which occupies one of the storefronts in the Airway Shopping Center. “The new light is something so simple, but it will make a difference. I’m looking forward to it developing.”

Earlier this year, Riverside was awarded a $20,000 non-matching grant from the Ohio Department of Public Safety to study safety measures at the Airway-Woodman intersection. That study will take place in 2013.

A $50,000 study to evaluate that entire corridor will be also planned once it can be funded by the TIF account.