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Business Development News

$10.7M Parvis Lofts development leasing quickly in Over-the-Rhine

The Parvis Lofts development has been open for less than one month and already developers say that they have leased nearly 50 percent of the 32 rental units available. The residential units also include 15,000 square feet of commercial space to fill out the $10.7 million development in the heart of historic Over-the-Rhine.

“The renaissance of Over-the-Rhine continues. By building apartments, we are giving new choices for people who are interested in being a part of the revitalization of this neighborhood,” Cincinnati Mayor Mark Mallory stated in a prepared release.

The development is located in the 1400 block of Vine Street which previously consisted of deteriorating buildings. NorthPointe Group developers say they renovated the 10 buildings into rental units to fill a need that had yet to be satisfied by other recently completed projects in the Gateway Quarter of Over-the-Rhine.

The finished units include laundry facilities in each unit, Rookwood Tile fireplaces, a courtyard, secure parking, lobby, Cincinnati Bell fiber-optic service, and range in size from 475 square feet to 2,025 square feet. NorthPointe Group officials say that rents average $850 per month, but start as low as $575 and go as high as $1,850.

“Up until now there has only been for-sale product developed in the Q, and we have received numerous requests for rental options,” explained Parvis Lofts leasing agent J.T. Barse. “Like the Gateway Quarter as a whole, the project is aimed at attracting people that want to live in and embrace Cincinnati’s urban core.”

The project was funded through a variety of sources that include State and Federal historic tax credits, New Market tax credits and a load from Cincinnati Equity Fund.

To date, NorthPointe Group has developed two other projects with HGC Construction in Over-the-Rhine including Duncanson Lofts and Mottainai – both of which have sold out. The development team is now working on Saengerhalle Lofts on Race Street just a block away.

The Q, and OTR in general, has been attracting a lot of attention, and with a burgeoning social scene we are seeing more people that want to live here even if they don’t work downtown,” said Barse. “While that may be what is bringing them down to look, the high quality finishes and exterior common area is what makes them want to rent.”

Barse also notes that many of the renters come down without knowing there is a Kroger grocery store directly across the street, or about how close the units are located to Findlay Market.

Those interested in touring the remaining units can do so by contacting J.T. Barse at jbarse@northpointegroup.com or by calling (513) 835-2110. You can also stay up-to-date by following NorthPointe Group on Twitter @NPGRealEstate.

Parvis Lofts photography by UrbanCincy contributor Jake Mecklenborg.

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Arts & Entertainment News

Urbanist movement rises anew in Cincinnati a decade after civil unrest

In 2002 the concept of urbanism arguably hit an all-time low. The city was recovering from civil unrest that wreaked havoc on inner-city neighborhoods the year before and caused economic boycotts, urban neighborhoods were suffering from severe disinvestment, urban populations were in decline, and the City’s Planning Department had been cut by then Mayor Charlie Luken.

Today, however, the state of urbanism in Cincinnati is very much different. The civil unrest of 2001 has led to massive police reform and a focus from major corporations on those most struggling inner-city neighborhoods. Investment in urban neighborhoods has become a priority of recent political leaders and urban populations are increasing all over Cincinnati. Also during that time the Planning Department has been restored along with the creation of the Office of Environmental Quality, and the development of the City’s first comprehensive plan in decades.

In addition to the formal progress that has been made, there is a diverse group of urbanists that have organized around common beliefs and goals that are looking to improve Cincinnati’s urbanism.

“Urbanists believe that great historic cities are the highest achievement of the human spirit and once again ought to be the preferred places to live for America’s most talented and productive people,” explained University of Cincinnati adjunct planning professor, and co-founder of the Urbanists, Terry Grundy. “Urbanism, as the term is used in Cincinnati, is an intellectual, cultural and political movement which promotes this point of view.”

As Grundy puts it, the urbanism movement emerged in Cincinnati shortly after the civil unrest took place in 2001. He says that a group thinkers, civic leaders and philanthropists came together to reflect on what had happened in the city and decided that something needed to change.

“The trajectory, if allowed to continue, would have inevitably led to the ‘Detroit-izing’ of Cincinnati. This was a prospect those thinkers were not prepared to accept, and they have ever since been promoting a ‘place of choice’ ideology for the city.”

Most recently that thought movement has led to the Soapbox Speaker Series which is co-sponsored by Soapbox Cincinnati, the University of Cincinnati’s Niehoff Urban Studio and The Urbanists. The intent, Grundy explains, is to provide opportunities for people who share the urbanist perspective, or who are interested in learning more, to network and come together to learn and share ideas.

The first speaker series event held in uptown Cincinnati’s Corryville neighborhood focused on how the city’s food scene has supported urbanist outcomes through things like local food sourcing, food trucks, street vendors and more. The next speaker series event, to be held on January 5 from 5:30pm to 7:30pm, will focus on philanthropists of urbanism in Cincinnati.

“These are people who moved into and did development work in historic neighborhoods that had declined and, by their example, encouraged others to take a chance on those neighborhoods,” Grundy said.

The event will feature a panel of Sean Parker, Beth Gottfried, H.C. Buck Niehoff and Dave Abbott.

“Urbanism, like all emergent movements, needs to be backed up by resources if it is to be successful in promoting its ideas and pursuing its concrete development strategies. The individuals, on this panel, have been willing to direct their foundation’s investments to activities that are urbanist in intent.”

Those interested in attending the third Soapbox Speaker Series event (map) – Patrons of Urbanism: New Ambitions for Public-Private Partnerships – are encouraged to register in advance for the free event. Organizers say that a happy hour reception and light food will be provided by Fresh Table, and that a $2,500 FUEL grant will be awarded to one lucky applicant.

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Business Development News

Home ReStart partnering with Neyer Properties to renovate, sell historic Cincinnati homes

Since the inception of Neyer Properties in 1995, the company has developed hundreds of projects totaling over $1 billion in both construction and development in the Cincinnati region.  While the company has typically focused on commercial development, they have begun investing in a new real-estate company called Home Restart. The relatively new endeavor specializes in buying distressed homes, making renovations, and re-selling the properties.

Over the past year, the company has purchased, renovated, and prepared seven houses for re-sale. In that time, they have intentionally focused their efforts in more desirable urban neighborhoods like Hyde Park, Oakley, Edgewood and Fort Thomas.  According to the company’s leadership, this was done to help make the projects successful in an otherwise difficult market.

“The housing market has taken a hit throughout the Greater Cincinnati area, but neighborhoods such as Hyde Park and Fort Thomas always have a relatively active market,” explained Anne Pond, Vice President of ReStart. “By focusing on these areas, we can decrease the number of days that our houses sit on the market.”

According to Pond, the large stock of historic homes in these neighborhoods is another key selling point, as they have a charm that cannot be replicated in new construction.

“Over the years, many older homes have fallen into disrepair and have been converted into two-family homes,” Pond continued. “We work very hard to maintain the charm and character of historic homes, while bringing them up-to-date for modern living.”

Pond says that ReStart typically purchases homes from anywhere between $50,000 and $200,000.  After the initial purchase, ReStart then renovates and sells the properties for prices ranging between $130,000 and $350,000. Following this work, ReStart then turns to Neyer Properties for its expertise in purchase approval, renovations, and finance management.

Of the seven homes purchased and renovated through the program thus far, five have been sold and another is currently under contract.

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Business Development News

Jimmy Heath House to start welcoming new residents to Over-the-Rhine today

These days, development news in Over-the-Rhine is seemingly ubiquitous. The historic neighborhood is growing at a rapid rate and with new businesses constantly opening; new residents are flowing in. However, starting today another group will be calling the neighborhood home.

On Friday, Over-the-Rhine Community Housing (OTRCH) hosted a ribbon cutting for the Jimmy Heath House (map). The new permanent supportive housing development transformed 14,300 square feet of space in six historic buildings. The housing development includes 25 apartments for the chronically homeless, offices for case managers, as well as public meeting spaces to accommodate the social service needs of its residents.

OTRCH officials say that the development, named after homeless advocate and former Streetvibes editor Jimmy Heath, is based on the housing first principle; a concept that clinical and social stabilization is more affective when homelessness is eliminated.

Housing First is a nationally recognized evidence-based best practice. Many cities and counties around the country already have Housing First programs in place or plans to initiate one,” Mary Burke Rivers, OTRCH Director, said in a press release. “The positive outcomes from the model are astonishing, and we are proud of our partners who have joined us in this progress.”

The benefits, of these new housing developments, extend beyond their social benefits. Studies show that significant economic gains can be had as well by reducing the cost often associated with homeless individuals. On average, studies indicate that it costs between $35,000 and $150,000 annually to support a homeless individual, while housing communities such as the Jimmy Heath House lower that average to just over $16,000 annually.

“People who are chronically homeless make up 34 percent of the homeless population and spend years cycling between the streets, shelters, jail cells, and emergency rooms,” Rivers said.

Residents of the complex are scheduled to start moving in as early as today.

“We’re looking forward to the possibilities for our residents: being able to connect with family members for the first time in years, going to a clinic instead of the emergency room, not drinking just to numb the bitter cold,” said Andy Hutzel, director of housing services for OTRCH. “We have one tenant, Paul, who will be able to get off of crutches after nine years because he can finally rehabilitate an injury following his fall from a roof – an impossibility while he was living under the 6th Street viaduct.”

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Month in Review

Month in Review – November 2010

This month, UrbanCincy covered a number of new businesses and new living spaces in Downtown and Over-the-Rhine. We also shared news on the modern streetcar that visited Fountain Square, and guest author Zachary Schunn shared his thoughts on good architecture in our city. Our top 5 most popular articles for November 2010 were:

  1. Historic loft renovation project starts anew in downtown Cincinnati
    The redevelopment of downtown Cincinnati’s former industrial buildings continues with the McFarland Lofts, a seven-unit condominium project under construction in a circa 1901 wagon livery and horse stable.
  2. Modern streetcar to be on display in downtown Cincinnati through 11/10
    If you have not been one of the hundreds of Cincinnatians to make the trip to Portland to see modern streetcars in action, or visit one of the many global cities with them in operation, then tomorrow is a great chance to see one up close and in person.
  3. Sushi Bears a new vegan option at Findlay Market
    A new vegan and vegetarian focused Japanese food stand has opened at Findlay Market. Sushi Bears is a food concept run by chef Dan Wells and his business partner Steve Hauck.
  4. Yoga Row creating new business unions along Main Street
    A visit to Main Street between 8th and Liberty streets nowadays reveals a neighborhood not only on the mend, but on the rise. The owners of Main Street Yoga, Yoga Bar, You Do Yoga, and the Joyful Life Yoga Center have collaborated together to form a new project, nicknamed “Yoga Row.”
  5. Successful urban design sets stage for successful cities
    When it comes to local architecture, Cincinnati deserves good design. But with architecture (and urban planning, or any other design-based field for that matter), there is never one particular thing that separates “good” design from “bad” design.