Category: Development

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Business Development News

Success of Hickory Place Townhomes Accentuates Avondale’s Turnaround

Hickory Place Townhomes [Randy Simes]

A long-held vision for bringing new market rate housing to Avondale is finally being realized; and its early success has surprised many. With most of the initial eight Hickory Place Townhomes already sold, developers say they are ready to invest in a second phase.

“We knew the townhomes in phase one would sell quickly, but sales outpaced our expectations,” said Beth Robinson, president and CEO of the Uptown Consortium.

Robinson says that the first five homes were sold in just 16 days, which is well ahead of the 51-day average for homes on the market in the Cincinnati area. Those first five homes, she says, also had listing prices above $175,000.

When community leaders and development officials with the Uptown Consortium broke ground on eight townhomes in early 2014, many were skeptical about whether they homes would sell.

The skepticism was easy to understand.

The site is located in the middle of a redevelopment area that has yet to be fully realized, is situated in a neighborhood that is often defined by crime and poverty, and is also located near many foreclosed or abandoned homes. But knowing the challenges of the site and project only offers a partial understanding.

The site is located just off of Burnet Avenue, which has seen tens of millions in new investment over the past decade. These investments have created new businesses and jobs, while also preserving some long-time neighborhood establishments and historic assets. Meanwhile, the nearby Cincinnati Children’s Hospital Medical Center has continued to add hundreds of high-paying medical and research jobs to its growing campus, and the nearby playground and ball field was recently freshened up thanks to an investment from the Reds Community Fund.

These new investments, combined with changing demographics more interested in urban living and working options, have set the table for a new path forward for the city’s seventh most populated neighborhood.

“We are thrilled that the market has responded so favorably to the Hickory Place Townhomes,” said Ozie Davis, executive director at Avondale Comprehensive Development Corporation. “The success of this project proves our strong belief that Avondale is the next hot residential market.”

Similar to what has been completed thus far, the $5 million second phase will include eight townhomes with approximately 1,400 square feet of living space, and including two to three bedrooms. In order to maximize the use of the land, developers are only building one-car garages for each home, but they will come with the option of an additional on-street parking space along Northern Avenue.

Listing agents with Coldwell Banker’s Metro Link office say that the prices for these homes will start at $225,000.

Developing homes in this price range within Avondale is intentional. In addition to being the largest black community in the city, Avondale is also one of the city’s poorest. This has led to numerous problems over the years, including schooling options, lack of healthy food options, crime and abandonment.

While neighborhood leaders have shown a strong commitment to bolstering affordable housing options, and improving existing conditions of the neighborhood for longstanding residents, the diversification of income levels and housing options is seen as a positive.

If recent success stories, such as the $40 million Avondale Town Center development on Reading Road, and the massive capital investment to improve low-income housing options, are any indication, then the future of the neighborhood looks as bright and as hopeful as the vision Davis has for it.

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Business Development News

Hamilton County Pushes Forward With Latest Phase of The Banks

Phase IIIA of The Banks [Provided]

Hamilton County has awarded the latest bid package for a variety of trade contracts on the infrastructure work for Phase III of The Banks, which includes a 690-space addition to the Central Riverfront Garage and a one-block addition of other infrastructure south of Freedom Way.

All three contacts were valued at a combined $653,228; and all went to area companies. According to Phil Beck, project executive for The Banks development, Universal Contracting Corporation will perform site work, Geograph Industries will handle signage, and ESI will manage security of the site.

While not particularly large or sexy contracts, project officials say they are representative of the continued progress being made at the massive central riverfront mixed-use development.

“Awarding these contracts for work at The Banks signals that another aspect of the riverfront development is nearing completion,” said Chris Monzel (R), president of the Hamilton County Board of Commissioners. “This phase of the project sets the stage for more economic impact.”

The University of Cincinnati Economics Center has estimated that, once fully completed, the first phase of The Banks will positively impacting the local economy by some $276 million per year – a figure they expect to grow substantially once later phases are built out. General Electric’s new 338,000-square-foot Global Operations Center, alone, is projected to boost the region’s economy by roughly $1 billion annually.

While Hamilton County is overseeing the construction of the infrastructure work at Phase III, the City of Cincinnati and the private development team is making progress on the vertical build of GE’s new building, the 165-room AC Hotel, and 291 apartments and 19,000 square feet of retail within the first two phases of the project.

THP Limited and Burgess & Niple are in charge of the design of Phase III work, while Messer is handling the construction.

As of now, all the infrastructure work being managed by Hamilton County and the City of Cincinnati is $29.3 million within budget; and project officials say that they have achieved 30% Small Business Enterprises participation on all work, but just 17.3% on phase three activities thus far. Beck also says that phase three work is on schedule to be complete by September.

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Business Development News

Grandin Properties To Celebrate Ribbon Cutting For $2M Hogan Building Restoration

Interior Courtyard at the Hogan Building [Provided]

Roughly two years ago UrbanCincy reported that Grandin Properties had been awarded nearly $400,000 in historic tax credits from the Ohio Development Services Agency. The past 24 months have proved fruitful, and neighborhood leaders now intend to celebrate a ribbon cutting for the $2 million project on Tuesday.

The developers say that the Hogan Building is already 50% leased, and that the 12 residences range from $995 per month for one-bedroom units, up to $2,395 per month for two-story, two-bedroom units with decks.

The restoration work brings two historic structures back to life that are now 138-years-old.

The project is named after Ohio Attorney General Timothy Hogan for his courageous role in defending German immigrants during the anti-German hysteria during World War I. Interestingly enough, Hogan is also the grandfather of Peg Wyant – the Founder and CEO of Grandin Properties.

“Few in any age have the courage to stand up to such hysteria,” Wyant said. “On behalf of two high school teachers of German, he filed suit against Ohio demanding preservation of the right to speak and use and teach the language of ones choosing.”

Wyant went on to say that Hogan won that case, which has since become known as the German School case in the Supreme Court of the United States.

The Hogan Building, of course, also represents a win for the State of Ohio’s bold historic tax credit program which is seen as saving hundreds of buildings and spurring millions of private investment throughout the state.

“This is public-private money coming together,” explained David Goodman, Director of the Ohio Development Services Agency. “Saving historic buildings strengthens Ohio’s communities which attracts businesses and visitors to the state.”

The conclusion of work at the Hogan Building also comes just after Grandin Properties announced an intention to raise $5 million to $10 million in private equity to spur even more redevelopment work in Over-the-Rhine. To date, Grandin Properties has completed seven projects tallying nearly $10 million in private investments.

Denis Back served as the project architect, while Hudepohl Construction worked as the general contractor. The property was sold to Grandin Properties by 3CDC. It was financed through PNC, with financial support from the City of Cincinnati and Ohio Development Services Agency.

Those interested in touring the remaining available units can do so by contacting leasing@grandinproperties.com or (513) 871-7110. Those looking to participate in the ribbon cutting festivities are encouraged to arrive at the project site, located at 1317 and 1319 Republic Street, by 10:30am on Tuesday, January 12.

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Business Development News

Paragon Salon & Day Spa’s Relocation Paves Way For Pogue’s Garage Demolition

Former Design Concept [Provided]

Paragon Salon & Day Spa celebrated the opening of their new location along Fifth Street in the Carew Tower yesterday. While smaller in size than their previous location, the move serves as a potentially monumental moment for the center city since it paves the way for the demolition of the decaying Pogue’s Garage.

While the location of Pogue’s Garage is one of downtown’s most prominent, it is also one of the ugliest and most inhospitable blocks in the city. In 2013 a plan was crafted to fix that by tearing down the decrepit garage and replacing it with a new parking structure, street-level grocery store and 300-unit residential high-rise. Due to politics, finances and other logistics, that plan stalled and was eventually amended in December 2014.

Under that revised plan, Indianapolis-based developers Flaherty & Collins agreed to build an eight-story residential structure, with 208 units, while 3CDC would build a 925-space parking structure that would serve as the tower’s platform. The project would also include 25,000 square feet of street-level retail space.

In addition to serving the project’s needs and providing a platform for the tower to rise, the new parking structure would also provide parking capacity for the many historic high-rises along Fourth Street that currently lack any parking options at all. City officials point to public garages such as this as an opportunity to better utilize those other properties.

But before any of that can happen, the massive Pogue’s Garage must be demolished. That, in and of itself, would serve as a major benefit for downtown as it would remove one of its biggest eyesores and improve safety for people walking and biking along Fourth, Race and Elm Streets.

That demolition effort is not expected to be easy. Due to its immediate surroundings, the structure will not be able to be imploded, and will thus need to be deconstructed using traditional methods over a much longer period of time. Further complicating the matter was Paragon’s ongoing presence in the structure, which was obviously relieved yesterday.

There is no word yet on when demolition work will begin, but it now appears likely that work will finally advance on one of the center city’s highest profile projects. The coming weeks should reveal what its revised design will look like and when residents will be moving in.

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Development News

University of Cincinnati Selects Design Team for New Lindner College of Business

University of Southern Denmark Kolding Campus [Henning Larsen Architects]

On December 18, the University of Cincinnati announced that its new $100-135 million Carl H. Lindner College of Business facility would be designed by the Danish firm Henning Larsen Architects in association with Cincinnati-based KZF Design. The final building is expected to be paid for through a combination of private donation and university funds.

This continues the university’s Signature Architecture Program, in which renown architecture firms from around the world are selected to design new buildings on campus, typically with a local firm serving as the architect of record. In such an arrangement, the design architect typically leads the project from concept through the design development stage, in which the overall design intent for the building is established.

The architect of record (also sometimes known as the executive architect) then carries the project through construction documents and construction administration, assuming responsibility for the technical aspects of the project. Each party typically has some involvement over the entire course of the design and construction process, but the architect of record remains legally responsible for the project, including compliance with applicable building codes.

This arrangement is common when the project is located outside the design architect’s own geographic region, and/or if the project type is outside the design architect’s usual area of expertise. For example, New York-based Architecture Research Office recently collaborated with Heery International, an Atlanta-based firm with a strong portfolio of athletic facilities, on the design of the new West Pavilion at Nippert Stadium.

Founded in 1959, Copenhagen-based Henning Larsen Architects has a long history of innovative design for educational facilities throughout the world, particularly in Europe and the Middle East. Recent projects include Campus Kolding at the University of Southern Denmark, and the Copenhagen Business School in Porcelænshaven, Frederiksberg. Common to all of Henning Larsen’s projects are a strong emphasis on transparency, natural daylighting, and an environment that nurtures a spirit of open collaboration.

Cincinnati-based KZF Design was founded in 1956 and has become one of Cincinnati’s most venerable architecture firms. KZF has a well-established history of serving as architect of record on a number of notable projects at UC, including the Campus Recreation Center in association with Morphosis and the Engineering Research Center in association with Michael Graves.

KZF was also the architect of record on Zaha Hadid‘s Contemporary Arts Center in downtown Cincinnati, and was responsible for the re-cladding of the Aronoff Center at UC, home to the College of Design, Architecture, Art, and Planning.

Henning Larsen and KZF had been shortlisted for the College of Business project in early December, along with Foster + Partners and Feilden Clegg Bradley Studios, both based in the United Kingdom.

To be built at the current site of the Myers Alumni Center and unused faculty club building, the planned 250,000- to 275,000-square-foot is anticipated to house most all of the facilities for students and faculty at the fast-growing college. Unclear at this point is the fate of the 1,601-space Campus Green Garage located immediately adjacent to the existing Lindner Hall, which is expected to be demolished once the new building is completed.

Should both be demolished, it would open up a vast space for potential construction for other uses – serving as a masterstroke of campus redevelopment that would provide much-needed classroom space, while also opening up UC’s main campus to Burnet Woods and ridding main campus of one of its most unsightly above-ground parking structures.