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Mar. 25, 2013

111-Unit Apartment Tower Planned for Downtown Cincinnati

By Adrian Maties, Associate Editor

Developers NorthPointe Group and North American Properties plan to build 111 apartment units above the 7th and Broadway Garage in downtown Cincinnati. BuildingCincinnati.com, a Web site dedicated to promoting awareness of Cincinnati’s built environment, reported that the city’s Urban Design Review Board (UDRB) got its first look at the project on Friday, March 15.

NorthPointe Group and North American Properties want to build a seven-story apartment tower over the eight-story garage, adding more than 120,000 square feet. It would include studio, one-bedroom, two-bedroom and penthouse units, ranging in size from 600 to 1,700 square feet.

The garage was built in 2003. At that time, it had only five stories but also included structural supports that would have supported a proposed 12-story, 166-unit condominium project. In order to accommodate the parking needs of more than 600 Procter & Gamble employees, the garage was expanded in 2010, when the last three stories were added. As a result, the number of residential floors that could be added was reduced.

John Senhauser Architects is designing the project. It will be an L-shape structure, with steel frame construction, glass curtain walls and lightweight ridged metal paneling systems.

According to the Cincinnati Business Courier, the high-end apartments will rent for about $2 per square foot. The project is expected to cost about $20 million.

Marcus & Millichap expects the steady job growth across Cincinnati to sustain demand for apartments this year. Deliveries for the past two years have been the largest since early 2000, and builders are expected to complete 1,000 new units in 2013. As new supply exceeds the demand growth in the metro area, apartment vacancy will increase slightly to 4.5 percent. It will, however, still remain near the lowest point in more than a decade. Asking rents will reach $759 per month and effective rents will rise to $726 per month, increases of 3.4 percent and 3.7 percent, respectively.

Rendering courtesy of NorthPointe Group via BuildingCincinnati.com.
Charts courtesy of Marcus & Millichap.