Downtown Cincinnati’s Historic 309 Vine Destined for Mixed-Use Makeover
- Dec 06, 2014
hHBy Adrian Maties, Associate Editor
The historic PNC Tower annex is one of the largest office buildings in downtown Cincinnati. Its future, however, has “mixed-use” written all over it.
Last month, Mayor John Cranley and Jonathan Holtzman, CEO of Village Green, the property’s new owner, announced plans to redevelop the eight-story Beaux Arts structure at 309 Vine St. as a mix of apartments, penthouses, retail, restaurants and offices. The developers did not reveal the project’s additional details, but did say that completion is scheduled for 2016 and that the the building will be renamed to reflect its new use.
The 300,000-square-foot building opened in 1928 and was built on top of a 400-space parking garage, an uncommon feature at the time. Two bridges connect it to the PNC Tower at the first and fourth levels. In 2012, the property underwent a $15 million renovation, which restored its facade and introduced other upgrades.
According to the Cincinnati Business Courier, Village Green purchased the property this fall for $10 million. The previous owner, 3rd & Vine Partners L.L.C., acquired it from Central Trust Tower Associates for more than $6 million in December 2013.
“We are excited about the potential of this building to be a mixed-use development,” Holtzman said in a statement. “Redeveloping historic properties is one of our specialties, and this is a beautiful structure in a great location. Downtown Cincinnati is evolving into a 24/7 city, and this property’s proximity to offices, hotels, cultural and sports venues, entertainment and restaurants make it an ideal opportunity.”
“This will give new life to a historic building that has been part of Cincinnati’s skyline for decades, while also continuing the great momentum we’re seeing downtown. It’s clear that people are interested in living and working in our urban core,” Cranley added.
Photo credit: www.309vine.com