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Multifamily, Investment Fueling Cincinnati's CRE Growth by Susan

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Multifamily, Investment Fueling Cincinnati's CRE Growth by Susan 22 CINCINNATI Midwest Real Estate News | NOVEMBER/DECEMBER 2018 | www.rejournals.com Multifamily, investment fueling Cincinnati’s CRE growth By Susan Branscome Encore Apartments in downtown is an example of the high-end multifamily projects rising in Cincinnati. he amount of private and this effort are government-sponsored Cincinnati Children’s Hospital began building, retail space, restaurants, public capital investment entities and non-profits such as development of a $650 million expan- apartments and two hotels. in the city of Cincinnati 3CDC, The Greater Cincinnati Rede- sion to the Avondale campus, which during the last 10 years velopment Authority, REDI Cincinnati, will add 600 jobs. FC Cincinnati, Cincinnati’s profession- has been unprecedented. Northern Kentucky Tri-Ed and the al soccer team, began as a vision by T Greater Cincinnati Chamber of Com- The recently opened MLK/I-71 inter- manager Jeff Berding. With the finan- Cincinnati has experienced a resur- merce. change has allowed much better ac- cial support of the Lindner family the gence unlike any time in the city’s cess to 670 underutilized properties team was accepted into the MLS for recent history given an incredible Some of the following major develop- near the UC Medical Center and the the 2019 season. The club has record amount of capital invested during the ments have recently been completed University of Cincinnati in an area attendance, averaging 25,000 per last 10 years. Cincinnati is one of the or in the planning phases: known as Uptown. The expectation game and plans to develop new stadi- top cities in the country for millennial is to create an additional 7,000 jobs um in 2021 just west of the Cincinnati migration and ranked in the top 10 Amazon is expanding its Global Prime with the investment by local develop- CBD. by fDi Magazine as an “American City Air Hub in Northern Kentucky and ers. for the Future.” CNBC’s Disruptor 50 announced a $1.5 billion investment The Cincinnati/Northern Kentucky List ranked Cincinnati in the top eight at the Cincinnati/Northern Kentucky Terrex Development in a joint venture International Airport is the fast- cities in the country for business International Airport (CVG) to include with Messer Construction have grand est-growing airport in the country startups. 3 million square feet of buildings and plans to develop soon in this imme- with an 18 percent increase in pas- With a 3.7 percent unemployment office space. The projections include diate area. Terrex recently signed a senger travel last year. rate, strong supply and demand the addition of 15,000 jobs over the lease with the University of Cincinnati fundamentals in all real estate sec- course of 30 years. DHL has invested for 180,000 square feet for half of the The land between the Reds stadium tors, Cincinnati is poised to be one more than $280 million in the last office complex at the new interchange. and Bengals stadium, known as The of the top cities in the Midwest for year and employs 3,500 people, The development will also include a Banks, is nearly fully developed with investment and remains competitive contributing to CVG’s ranking as the 200-room hotel atop a 1,450-space the recent addition of an AC Marriott, for companies to expanding or relo- eighth largest cargo airport in the parking garage. Additionally, a joint additional apartments and plans cating. However, with long a strong country. venture between Neyer Properties for a concert venue. There are 15 unemployment rate along comes the and Kulkarni Properties has plans for restaurants and bars located at the challenge of companies to hire and Currently being developed by a joint a $500 million mixed-use develop- Banks. General Electric occupies a fill positions with qualified people. venture between North American ment for research and development, 338,000-square-foot office building Properties, Kroger Co., 3CDC, City of office, retail housing and hospitality at The Banks housing its Global Op- Today, the Cincinnati story is not Cincinnati, Northpointe and Rook- at this underutilized area. erations Center. Orchestra Park is unlike that in other cities. Class-B wood Properties is a $91 million proj- projected to open in the fall of 2019 downtown office space is converting ect in the CBD at Court and Walnut The Rookwood Exchange is a $100 and will host 170 events and attract to apartments while retail is in part Streets. The project will include the million mixed-use development by 250,000 attendees annually. becoming industrial. The pro-busi- first true downtown Cincinnati Kroger Jeffrey R. Anderson Real Estate Inc. ness focus, collaborative work and grocery store, a 550-space parking and is completely built out in Nor- The district immediately north of economic commitment to the region garage, and 139 luxury residential wood/Hyde Park off I-71 and includes the CBD known as Over-The-Rhine has never been stronger. Helping with housing units. a 230,000-square-foot class-A office (“OTR”) has undergone a renaissance www.rejournals.com | NOVEMBER/DECEMBER 2018 | Midwest Real Estate News CINCINNATI 23 with the addition of many multifamily mixed-use project in Pendleton area PLANNED 180,000 square feet of office and to developments and redevelopments, of downtown. This mixed-use project • One41 Wellington is a $30 million include restaurants and parking. condo units, a variety of restaurants would include 150 apartments with multi-family development by Uptown and dozens of bars. The American parking and retail. Rental Properties LLC and North Besides the Summit Park develop- Planning Association has named OTR American Properties. The project in- ment mentioned earlier, The Fortus as one of five Great Neighborhoods in • NorthPoint Group completed $17 cludes a 202-unit apartment building Group also has plans to develop two America in its annual Great Places in million development, Duveneck near the University of Cincinnati. additional new multi-family proper- America list. The $143 million renova- Square, 110-unit project in Covington, ties--- tion of Music Hall and $48 million ren- Kentucky. • Hills Development was recently ovation and expansion of Washington approved to develop a $40 million, 1. A new mixed-use $55 million, 285- Park are key projects here. • Neyer Properties and Casto Devel- 200-unit new project in Anderson unit in East Walnut Hills will break opment converted Baldwin Office into Township. ground in the summer of 2018 in the MULTIFAMILY $100 million development of 190 loft neighborhood of East Walnut Hills. The Cincinnati MSA has a multifamily apartments north of the city in mid- • Capital Investment Group is work- market with many new developments town. ing toward getting zoning approval 2. Freeport Row has been planned as in both downtown and the suburbs. for a $90 million mixed-use project a new building on vacant land as well Vacancies are beginning to increase • Capital Investment Group devel- in Kenwood known as Gallery of as four historic buildings and once slightly with the year-end vacancy oped the $80 million Aqua on the Kenwood. The property will include restored will include 110 apartments. expected to be 4.6 percent. Rental levee in Newport, Kentucky which 266 apartments, a 130-room hotel, rates have continued to rise each includes 239 apartments including quarter, having increased since the retail space and a parking garage as first quarter of 2010. well as a hotel. COMMERCIAL REAL ESTATE According to Kurt Schoemaker with • Construction has begun on The DEBT, EQUITY & SERVICING CBRE’s multifamily division, activity Academy is a 202-unit, $37 million and absorption of newly completed multi-family development in Newport units continues to be strong. sponsored by the Carmel, Indiana developer, CRG Residential. MULTIFAMILY SUBURBAN OFFICE Under construction or recently deliv- ered • Jeffrey R. Anderson Real Estate and Miller-Valentine Group are developing $31,000,000 $14,900,000 • 139 luxury residential housing units $30 million development to include ENCORE APARTMENTS LINDEN POINTE currently under development at Court 200 units in Silverton. CINCINNATI, OH | 133 UNITS CINCINNATI, OH | 120,759 SF and Walnut Streets by North American LIFE COMPANY CMBS Properties and Rookwood Properties. • PLK is developing Echelon Apart- ments, a 191-unit, $30 million project • Encore Apartments was a $52 mil- on the east side of Cincinnati on Glen lion, 17-story luxury, 133-unit apart- Este-Withamsville Road. MULTIFAMILY MULTIFAMILY ment building downtown at 8th and Sycamore Streets developed by North • The District at Summit Park in Blue $5,000,000 $4,750,000 American Properties. Ash is a joint venture between Al VILLAGE GREEN TOWNHOMES RAVENWOOD APARTMENTS Neyer Inc. and Fortus Group based in FAIRFIELD, OH | 105 UNITS CINCINNATI, OH | 192 UNITS • 49Hundred, a 266-unit luxury prop- Fort Wayne, Indiana which includes a LIFE COMPANY FREDDIE MAC erty in Blue Ash has stabilized and 290-unit multi-family development. was developed by Hills Development. • Anderson Birkla, based in India- OUR CINCINNATI TEAM • City Club Apartments a developer napolis converted a class-B office based in Detroit has redeveloped a building into a $61 million conversion class-A office building at 309 Vine to include 179 apartments, known as Street into a nearly $67 million trans- @580. formation of 294 apartments. Susan Noah • Riverhaus, a 192-unit development Branscome Juran • Flaherty and Collins and 3CDC have is being developed by Flaherty & 513.985.2266 513.985.2263 made progress on the approvals Collins Properties, a $40 million de- to develop a $116 million, 14-story velopment in Covington, Kentucky. mixed-use development with six floors of 264 apartment’s downtown • Continental Properties based in at Fourth and Race Streets. Milwaukee, Wisconsin developed a 308-unit multi-family development in • Circle Development is beginning West Chester, a northern Cincinnati phase II of a $30 million development suburb.
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