Multifamily Developers Advance Plans for Nearly 500 Units
- Dec 17, 2014
Apartment demand in Greater Cincinnati is on the rise, thanks to the Streetcar project and to the Fortune 500 companies that continue to expand in the area, according to a recently released fourth-quarter report from Marcus & Millichap Real Estate Investment Services Inc. To address this demand, residential developers have started or plan to start work on numerous projects in the region. There were 1,200 apartment units completed in the first three quarters of 2014, and that number is expected to grow by 450 by the end of the year.
Two new projects took major strides this month. Together, they will bring almost 500 units to the Greater Cincinnati area.
The Cincinnati Enquirer recently reported that the Kings Island Resort and Conference Center could be demolished in a few months to make way for the Towne at Deerfield, a $35 million project. Mount Adams-based Towne Properties and Oxford-based Hotel Development Services plan to build almost 300 units on the 21-acre site.
Designed by PDT Architects, the complex will include a mix of one-, two- and three-bedroom units, with parking, a pool, clubhouse and other amenities.
The developers are working on the project together with Deerfield Township and Warren County officials. The preliminary development plan is expected to go before the authorities later this month.
Meanwhile, Gilbane Development Co. plans to build a mixed-use development and a parking garage near the University of Cincinnati on the former site of Lenhardt’s Restaurant and Christy’s Bar. According to the Cincinnati Business Courier, the Cincinnati City Council recently approved the necessary rezoning so the developer can start work on the project.
Gilbane’s plans call for 180 apartments in a six-story apartment building, seven three-story townhomes, a 380-space underground parking garage and between 7,500 and 9,000 square feet of retail space. Gilbane told the Business Courier that it will market the units to students and to members of the community.
Charts courtesy of Marcus & Millichap.