Greg Power Acquires Landmark Carew Tower
- Dec 01, 2014
Greg Power, a Cincinnati-based investor and real estate broker, has acquired the Carew Tower, a downtown Cincinnati landmark that reigned as the city’s tallest building for 80 years. Power’s first act as new owner was to raise a flag on the flagpole at the top of the 574-foot skyscraper.
Power took ownership of the building after buying Belvedere Corp., a local real estate company. The Carew Tower complex was Belvedere’s most important holding. Financial terms of the transaction were not disclosed.
Located at 441 Vine St. in downtown Cincinnati, the 49-story Carew Tower opened in 1931. Its height remained unsurpassed until the 665-foot-tall Great American Tower at Queen City Square opened in 2011. John J. Emery developed the building from designs by the architectural firms of W.W. Ahlschlager & Associates and Delano & Aldrich. Construction cost $33 million, considered an enormous sum at the time.
The complex now offers 400,000 square feet of office space and 110,000 square feet of retail. It is also home to the 561-room Hilton Netherland Plaza Hotel, and the award-winning Orchids at Palm Court restaurant.
Belvedere Corp. purchased the Carew Tower in 1990, becoming the second owner in the building’s history.
In a statement, former Belvedere CEO Alex Warm said that he was “excited to have reached this deal with Greg. By selling Belvedere, we’re passing the honor of controlling and managing The Carew Tower Complex to him. We’re confident he’ll do it great justice and ensure it remains an important icon in our city.”
For his part, Power described the complex as ”one of the most unique and special properties in the country, and a jewel in Cincinnati’s crown.”
“I’m excited to be a part of its history and am looking forward to ensuring it remains a vibrant force in our city,” he added.
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