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.”
Six months ago, we reported on 11 residential developments moving forward in the Central Business District, Over-the-Rhine, and Pendleton. At the time, these were expected to add about 1,500 new units of housing to the urban core. Although one of these projects has been downsized and another postponed, one new residential project was announced as well.
Most notably, the proposed tower at Fourth and Race was downsized from 300 to 200 units, and the grocery store that would have been located on the ground floor of the building has been dropped from the plan.
The Cincinnati Center City Development Corporation (3CDC) is also shelving its plans for a new mixed-use project at 15th and Race, which would have added 57 residential units. However, 3CDC is also shelving its plan to build 53,000 square feet of office space as part of the third phase of Mercer Commons, and is considering building more residential at that location. The first two phases of Mercer Commons contain 126 apartments and 28 condos in addition to retail space.
Finally, the proposal to bring an AC Hotel to the former School for the Creative & Performing Arts (SCPA) in Pendleton has been scrapped. Developers are now moving forward with an alternate plan, which will convert the building into 155 market-rate apartments.
Mercer Commons Phase Two
Mercer Commons Phase Two
Schwartz Building
AT580
The Banks Phase Two
School for the Creative and Performing Arts
Broadway Square
Broadway Square
7th Street
Seven at Broadway
Seven at Broadway
The Banks and Dunnhumby Centre tower cranes
The other projects still moving forward include:
Phase two of The Banksbroke ground in April 2014. It will contain 305 new apartments and 21,000 square feet of retail space, in addition to a new office tower for General Electric.
AT580, formerly known as the 580 Building, is being converted from office space into 179 apartments. The existing retail spaces on the first and second floors will remain.
The Seven at Broadway project will feature 110 high-end apartments, built above an existing parking garage. The target demographic for these units will be empty-nesters and older professionals looking for downtown living, according to Rick Kimbler, partner at the NorthPointe Group.
Broadway Square, a $26 million development, is now under construction in Pendleton. Its first phase will feature 39 apartments and 40,000 square feet of retail space, and developer Model Group will add at least another 39 apartments in the second phase of the project.
The Schwartz Building, formerly vacant office space, is being converted into 20 apartments. Developer Levine Properties cited the building’s location along the Cincinnati Streetcar route as a driving factor for the renovation.
The Ingalls Building will be redeveloped into 40 to 50 condos and ground-floor retail space by the Claremont Group.
Peak Property Group plans to purchase and renovate three buildings on Seventh Street into 75 apartments and 15,000 square feet of retail space.
Three buildings on 7th Street will be redeveloped by Peak Property Group.
Downtown Cincinnati is experiencing a new wave of development, with new office space at the Dunnhumby Centre, two new hotels in the historic Enquirer Building, the new Mabley Place in the former Tower Place Mall, and several other projects. But at UrbanCincy, we are most excited about the large number of new residences.
With more residents, the urban core will be able to support more essential neighborhood businesses—such as grocery stores, dry cleaners, and affordable restaurants—that are necessary for the long-term stability of the Central Business District and Over-the-Rhine neighborhoods.
Three buildings on 7th Street will be redeveloped by Peak Property Group.
Three buildings on 7th Street will be redeveloped by Peak Property Group.
AT580, formerly known as the 580 Building, is being converted from office space into 179 apartments.
A new tower is being built above the existing Seventh and Broadway Garage, and will feature 110 high-end apartments.
Developers of the Fountain Place retail building want to add 180 to 225 residential units above the existing Macy’s department store.
Mercer Commons is a three-phase development that will include a grand total of 126 apartments and 28 condos, in addition to retail space.
Mercer Commons is a three-phase development that will include a grand total of 126 apartments and 28 condos, in addition to retail space.
Mercer Commons is a three-phase development that will include a grand total of 126 apartments and 28 condos, in addition to retail space.
Broadway Square in Pendleton will feature 39 apartments and 40,000 square feet of retail space in first phase.
Pogue’s Garage [Jake Mecklenborg]
The conversion of Tower Place Mall into Maebly Place is the first step towards building the new Fourth and Race residential tower.
If all of the announced projects go according to plan, around 1,500 new units of housing will be added over the next two to three years, and each individual project will offer something unique. There will be a mix of apartments and condos; one-bedroom and two-bedroom units; affordable and luxury price points; historic renovations and new construction.
Most recently, the Cincinnati Center City Development Corporation (3CDC) announced a new development at 15th and Race that will include 57 new residential units and retail space; the exact mix of condos and apartments has not yet been announced. 3CDC is also proceeding with the three-phase Mercer Commons development, which will include a grand total of 126 apartments and 28 condos.
Other projects moving forward include:
The new tower at Fourth and Race will contain 300 luxury apartments and a 15,000 square foot grocery store. Developer Flaherty & Collins will begin demolition of the site’s existing parking garage, often called Pogue’s Garage, in the first half of 2014.
Phase two of The Banks is expected to finally break ground in 2013 2014, adding 305 new apartments and 21,000 square feet of retail space.
AT580, formerly known as the 580 Building, is being converted from office space into 179 apartments. The existing retail spaces on the first and second floors will remain.
A new tower above the Seventh and Broadway Garage will feature 110 high-end apartments. The target demographic for these units will be empty-nesters and older professionals looking for downtown living, according to Rick Kimbler, partner at the NorthPointe Group.
Three buildings on Seventh Street, which have been purchased by Peak Property Group, will be converted into 75 apartments and 15,000 square feet of retail space.
Broadway Square, a $26 million development in Pendleton, will feature 39 apartments and 40,000 square feet of retail space in first phase. Developer Model Group will add at least another 39 apartments in the second phase of the project.
The Ingalls Building will be redeveloped into 40 to 50 condos and ground-floor retail space by the Claremont Group.
The Schwartz Building, formerly vacant office space, will be converted into 20 apartments. Developer Levine Properties cited the building’s location along the Cincinnati Streetcar route as a driving factor for the renovation.
