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Historic Crosley Building Could Get New Life as Apartments

9 May 2014, 10:08 pm

By Adrian Maties, Associate Editor

Throughout its long history, the Crosley Building in Cincinnati’s Camp Washington neighborhood, has witnessed the rise and fall of major American companies and has  itself experienced that cycle. But its story is not yet over. Indianapolis-based Core Redevelopment plans to bring new life to the ten-story, light industrial facility and turn it into apartments.

Upon its completion in 1928, the Crosley Building was a state-of-the-art facility. It was also the headquarters of the Crosley Corp. once nation’s largest manufacturer of table-top radios. The renowned Samuel Hannaford and Sons architectural firm created the building’s Art Deco-flavored design.

Over the years, the Crosley Building served as a manufacturing and production facility, where Crosley built cars, radios, refrigerators and many other products. It also served as home to WLW, as well as other broadcasting stations. However, when the Crosley Corp. started its decline, the 290,000-square-foot facility was sold to AVCO Electronics, along with other company assets. AVCO held on to it until the late 1970s, when the Crosley Building was sold to a succession of owners. For the past 20 years, the Crosley Building has been sitting vacant, turning into an eyesore.

But the property’s luck might finally be turning. According to FOX19, Core Redevelopment plans to turn the Crosley Building into 238 market rate apartments. The company will invest between $25 million and $35 million in the project. The project’s backers say that it has the potential to boost the local economy, help revitalize the neighborhood, lower crime rates and increase property values.

At the moment, the project is in its early stages and no construction start date has been announced. Core Redevelopment hopes to receive some help from the city of Cincinnati and the state of Ohio in the form of tax incentives.

Photo credits: Google Maps.



Carter, Dawson Co. Launch Work on Banks Project

2 May 2014, 8:56 pm

By Adrian Maties, Associate Editor

After months of delay, work started April 28th on Phase IIA of the Banks project, Cincinnati’s largest mixed-use development.

The master development team of Carter and The Dawson Company planned to start construction last December on the $67 million project, which includes residential, office, hotel and retail components. However, work was stalled by a clause in a 1997 stadium deal, which gave the Cincinnati Bengals veto rights over the heights of buildings at the Banks.

On April 23, the Business Courier reported that Hamilton County leaders had reached an agreement with the NFL team and that the Bengals will waive their veto right. That cleared the way for construction to start. Early on the morning of April 28, construction crews started installing perimeter fencing, closing some traffic lanes and sidewalks on Race Street, Freedom Way, and Second Street.

Phase IIA calls for the construction of a 9-story building, with 291 one- and two-bedroom apartments, ranging between 615 and 1,300 square feet, and about 19,000 square feet of retail space. It will occupy the entire city block from Rosa Parks to Race Street and between Freedom Way and Second Street. Completion is scheduled for late 2015.

Rendering: thebankscincy.com



Middletown Hotel Management Plans 118-Key Springhill Suites in Beavercreek

25 Apr 2014, 9:11 pm

By Adrian Maties, Associate Editor

Middletown Hotel Management plans to start construction this fall on a 118-key Springhill Suites by Marriott on two recently acquired parcels in Beavercreek. Completion is expected by the end of 2015. Middletown did not disclose terms of the land acquisition or the cost of the project.

The new Springhill Suites will be located next to The Mall at Fairfield Commons, close to many restaurants and offices. Amenities will include an indoor pool, a fitness center and meeting space.

“Beavercreek is an area that continues to grow and expand,” Bob Ritter, Middletown’s vice president of operations, said in a statement. “We feel that the demand is out there for a new hotel.” Sue Zickefoose of CBRE Group Inc.’s Dayton office represented the Beavercreek-based hotel developer and manager in the transaction.

According to a first-quarter report from Marcus & Millichap Real Estate Investment Services Inc., hotel occupancy and rates are on the rise in the Midwest, in which Marcus &  Millichap includes Illinois, Indiana, Michigan and Wisconsin as well as Ohio. Growth in the region’s manufacturing sector will spur additional demand from business travelers in 2014. Meanwhile, leisure travel during the warm-weather months will boost room rates 1.5 percent for the region.
Marcus & Millichap projects that occupancy will climb to 59.5% this year as the average room rate reaches $99.91.

Middletown is looking to further expand a portfolio that includes five Ohio hotels: the Hilton Garden Inn in Beavercreek, Holiday Inn Express & Suites in Dayton, Fairfield Inn & Suites in Columbus, Hilton Garden Inn in Columbus and the Hampton Inn in Fairfield.

Rendering: CBRE Group Inc.

Charts courtesy of Marcus & Millichap Real Estate Investment Services Inc..


Cincinnati Ranked 6th Best Market for Recent College Grads by Apartments.com

19 Apr 2014, 5:16 am

By Adrian Maties, Associate Editor

Each year, thousands of students graduate from the numerous colleges and universities in the Cincinnati area. The University of Cincinnati alone will award degrees to 6,272 students at the end of April, the largest spring-term graduating class in the university’s history.

Many of the students that graduate from Cincinnati colleges and universities choose to remain in the city. And, according to the seventh annual Apartments.com “Top 10 Best Cities for Recent College Graduates,” this is a wise move, because Cincinnati is number 6 on this year’s list.

Apartments.com’s list is meant to help people  fresh out of college find the right place to start. It takes into account factors such as availability, employment opportunities, salary, affordability, age and even the city’s singles scene.

“Conventional wisdom has been to go where the job takes you,” Dick Burke, president of Apartments.com, said in a statement. “However, for today’s young professionals who want to have more input into where they start their lives, our list helps identify cities that offer the best overall opportunity for employment and long-term career growth, affordable living and a vibrant culture that caters to young adults.

Cities with unemployment above 7% were eliminated from the list. According to the
Bureau of Labor Statistics, the unemployment rate in the Cincinnati metro area was 6.5 percent in February, 0.3 percent lower than in January. And Marcus & Millichap Real Estate Investment Services Inc. also noted in its 2014 National Apartment Report that local employers are expected to add 22,300 jobs this year.

The list also takes into account affordability versus median income, giving an edge  to cities where the average rent for a one-bedroom apartment is no more than 25% of gross median income. Forbes recently named Cincinnati the third most affordable city in the United States.

The rental market had a great 2013 and, even though rents are expected to continue to increase for the fifth consecutive year in 2014, Cincinnati still has the lowest average rent for a one-bedroom apartment of any city in Apartment.com’s Top 10.

Young people aged 20 to 34 were largely responsible for the city’s high ranking. These young professionals, with their live-work-play lifestyles, have sustained rental demand in the city’s urban areas. Thanks to them, vacancy dropped to 4.5 percent, the lowest year-end level in years. And, as developers are expected to deliver 800 new units this year, the risk of running out of inventory is low.

Click here for more market data on Cincinnati.



PBY Partners Buys Central Parke in Norwood for $34M; Port Authority Taps CBRE to Market TechSolve II Expansion

15 Apr 2014, 5:48 pm

By Adrian Maties, Associate Editor

In one of Greater Cincinnati’s largest commercial real estate deals of the year, 4600 Smith Road Holdings L.L.C. sold its Central Parke Business Park Portfolio in Norwood to PBY Partners, a group of local investors . The price of the transaction was $34 million.

The 811,670-square-foot portfolio consists of five office buildings, five flex buildings and a retail building called Grand Central Station, plus a seven-level parking structure with 1,400 spaces. Central Parke’s tenant roster includes Cincinnati Bell, Education at Work, Oak Ridge Associated Universities, U.S. Bank, TriHealth, ITT Educational Services, Fitworks and ADT Security Services.

Cassidy Turley represented the seller, 4600 Smith Road Holdings L.L.C. The Cassidy Turley team consisted of Executive Managing Director Jim O’Connell, Vice President Mike Sullivan and Executive Managing Director Tom Powers.

Just minutes away, another major business park is working to position itself for growth. The Port of Greater Cincinnati Development Authority has tapped CBRE Group Inc. to market the expansion of TechSolve II Park in Roselawn.

The 12.6-acre business park is being developed by the Port Authority in partnership with the city of Cincinnati and TechSolve. It is located just northeast of the fully leased, 143-acre TechSolve business park, where more than 2,000 people are employed. TechSolve II includes a newly renovated 25,000-square-foot building suitable for light, high-tech manufacturing, office use or distribution space. It can also accommodate 150,000 to 175,000 square feet of build-to-suit space. Michael  Whitten, Timothy Schenke and Jason Williams of CBRE”s Cincinnati industrial services group are marketing the property.

“TechSolve II is an ideal site for continued growth of advanced industry. It is unique in that it offers a modern, high quality, central location within the region that is easily accessible to the entire regional workforce,” said Gary Conley, president of TechSolve Inc., in a statement.

Photo credits: Google Maps.







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