Tag: North American Properties

Categories
Development News

$52 Million Residential Tower Appears Poised to Move Forward at Eighth and Sycamore

Eighth and Sycamore Tower [John Senhauser Architects]

Following committee approval yesterday, City Council appears poised to approve a $7.3 million financial package that should bring a 130-unit North American Properties project to reality.

Designed by John Senhauser Architects, the $52 million, 15-story residential tower will accelerate the transformation of the northeastern corner of the central business district, where business leaders have been trying to rebrand it as the Eighth Street Design District for its cluster of design agencies.

As City Hall has done in the past, 3CDC will be used to build and operate a 500-space public parking garage, along with 10,000 square feet of commercial space, which is estimated to account for $16.5 million of the total project cost.

The project was first announced two years ago, and will take the place of the former two-story Red Cross building at the southeast corner of Eighth and Sycamore Street.

While the parking garage seems oversized at face value, it is part of a larger development efforts taking place nearby, including a 115-room Holiday Inn that includes no parking at all. As part of that deal, the City of Cincinnati agreed to build a parking garage that would provide 120 spaces. Originally planned to include 610 parking spaces, the new parking garage will support both developments and replaces an aging public garage that once occupied the site.

The relatively quick procession of this project stands in contrast to the 111-unit residential tower North American Properties recently completed called Seven at Broadway. Unlike this yet-to-be-named project, Seven at Broadway took more than a decade to complete, with an above-ground parking garage occupying the site since 2003.

The apartments at Seven at Broadway are some of the priciest in the city, and were pre-leased at a pace that surprised developers and investors. Price points have not yet been identified for this new project.

The completion of the Holiday Inn and this new residential tower will significantly alter this corner of downtown, but many still view the two large surface lots across Sycamore Street as the final major pieces of the puzzle.

The southern of the two lots is controlled by St. Xavier Church, and the northern lot is owned by Columbia Oldsmobile Company.

When General Electric was searching for a site for their new Global Operations Center, which ultimately located at The Banks, a rendering surfaced that showed an office building for GE on the northern of the two lots. Rumors have once again begun circulating online that the mockups might be or could be related to potential corporate offices for General Electric should they take action on their relocation threats to the State of Connecticut.

The full City Council will vote on this financial package on Wednesday

Categories
Development News Politics

Planning Commission Flexes Muscle With Use of Interim Development Control Districts

Clifton Heights [Randy A. Simes]

While two of the more lengthy discussion items were controversial planned commercial developments in Hyde Park and Roselawn, Cincinnati Planning Commission had a slew of other items on their Friday afternoon agenda.

In three related moves, the City Planning Commission recommended using Interim Development Control Overlay Districts. Two were extensions of existing IDCs, but one was newly recommended. Traditionally the City uses IDCs to put a temporary control on development while planning or feasibility studies are conducted. During such time, the establishment of uses, construction of new buildings, and the demolition or alteration of existing structures are all subject to review by the City Planning Commission.

The two recommended for extension include IDC Districts 73 and 74, Wasson Line District and Pleasant Ridge NBD, for an additional six months to allow for the completion of land use and zoning studies.

The newly recommended IDC is for the hot real estate market surrounding the University of Cincinnati. In particular, the neighborhoods to the south and southwest of the university where midrise developments continue to be proposed and built, much to the dismay of many long-time residents.

IDC District 77 was recommended to be put in place for a period of three months while a University Impact Area Study will look at growth and housing conditions, parking and traffic, quality of life concerns, and new development vs. existing character in the areas within a quarter-mile walk from the university’s main campus and the Clifton Heights business district.

Here is a quick rundown of the rest of the cases and the recommendations made by the seven-member board:

  • Approved the sale of 1623 Pleasant Street in Over-the-Rhine to Avila Magna Group, LLC for $20,000. The developer plans to renovate the 3,296-square-foot building into three one-bedroom for-sale units and one two-bedroom for-sale unit.
  • Approved the sale of approximately three acres of land left over from the Kennedy Connector road project to Vandercar Holdings and Al Neyer Inc. for $530,000. The developers plan to consolidate the land with adjacent parcels to construct two office buildings of up to 45,000 total square feet.
  • Approved a dedication plat of 3.48 acres along the south side of River Road in Sedamsville to allow for a western extension of the Ohio River Trail.
  • Approved a final development plan for Phase 1G of Oakley Station, which will consist of a 12,000-square-foot multi-tenant retail building at the northwest corner of Vandercar Way and Oakley Mill Lane.

The commission also approved the sale of a one-acre parcel at Eighth and Sycamore streets to the Cincinnati Center City Development Corporation for $1. This move will ultimately pave the way for a new $45 million development that will continue the transformation of the northeast quadrant of the central business district where numerous other midrises are advancing.

Through the agreement, the non-profit development corporation will create a garage air lot, a commercial air lot, and an apartment air lot. Once construction is imminent, 3CDC will sell the garage air lot to the City for $1 to allow for a 500-space parking garage to be built. They will then sell the apartment air lot to North American Properties for $1 for the construction of a 130-unit tower, and will retain ownership of the commercial air lot for the construction of 10,000 square feet of commercial space.

Categories
Up To Speed

Is an apartment development at Eighth and Sycamore worthy of public financing?

​Is an apartment development at Eighth and Sycamore worthy of public financing?.

As was previously teased by Cincinnati Mayor John Cranley (D), there is the possibility of building a residential mid-rise atop the planned parking garage at Eighth and Sycamore Streets. The developer initially engaged, however, is saying that they will need some gap financing from the City to make it happen. Do you think it’s worth the public investment? More from the Business Courier:

Rick Kimbler, a partner at NorthPointe Group, which is developing the project along with North American Properties and Al Neyer, said the group is trying to assemble financing for the project.

“We don’t have the financing put together, so it’s not really a project yet,” Kimbler said. “We will definitely need some gap filler from the city. There’s no question about that because mid-rise construction downtown is expensive, and the city is straining, trying to be helpful, but their funds are limited.”

Categories
Business Development News

Greiwe Development to Break Ground on $35M Hyde Park Condo Building This Week

Developers are aiming to break ground on a $35 million condo building in Hyde Park this week, following a months-long demolition effort that began in late October and cleared the site of five existing buildings, some of which dated back 80 years.

Greiwe Development and North American Properties (NAP) say that the demolition work cleared the way for what will become a modern four-story building that will house 30 luxury condominiums at the corner of Observatory Avenue and Shaw Avenue in Hyde Park.

Named 2770 Observatory, the development will also include a 77-space underground parking level accessible from Shaw Avenue.

The development will boast some of the priciest new residences in the region, with units priced between $700,000 and $2 million.

“Hyde Park combines the sophisticated lifestyle of Cincinnati’s premier neighborhood with the exciting air of arts, innovative restaurants and blocks of unique shopping,” said Rick Greiwe, principal of Greiwe Development.

Not everyone is thrilled about the luxurious direction in which Hyde Park continues to head. Former residents expressed frustration to UrbanCincy, saying they were given notice to vacate their apartments “by the end of the month” so that demolition work could proceed.

Over the years, this transition has led to a migration of priced-out Hyde Park residents to seek more affordable options nearby in Oakley, East Hyde Park or Evanston.

Griewe, however, says that the vibrancy of Hyde Park Square is part of what drew his development team to this location, and that the active and engaging lifestyle of city living is what is appealing to his firm.

Both Montgomery and downtown Cincinnati are locations where Greiwe says they would like to do additional work.

The announcement of 2770 Observatory comes as a wave of residential infill projects have been sweeping across Cincinnati’s neighborhoods. Thousands of new residential units are either currently under construction or planned to get started soon in Northside, Walnut Hills, Downtown, Over-the-Rhine, College Hill, Corryville, Clifton Heights, Columbia Tusculum and Avondale.

Instead of the residences being rentals, as is the case for most other projects around the region, 2770 Observatory follows in the footsteps of 2801 Erie Avenue and Michigan Terrace, which were completed in 2009 and 2007, by injecting high-end condos into one of the city’s toniest neighborhoods.

Griewe Development has become known for high-end, urban residential projects. In Mariemont, the company has completed 106 units in the heart of the village. That overall development program has been built over four different phases including Emery Park, Nolen Park and Jordan Park.

The development team says that they are pursuing a LEED Silver certification for the Hyde Park project, and that it is being completed without any financial assistance from the City of Cincinnati.

Cincinnati-based GBBN worked as the lead architecture firm on the project, while Messer Construction has been selected to build it in conjunction with NAP. Construction work is expected to begin this week, with units becoming ready for occupancy in fall 2015.