Renovation of Old American Can Factory Heads into Final Stretch
- Jul 08, 2011
It’s been more than six years since Bloomfield/Schon began eyeing redevelopment plans for the old American Can factory building in Cincinnati. Now, the $21.9 million renovation is heading into its final stretch.
The building was developed in 1921 by the American Can Co., once the nation’s largest aluminum can manufacturer. A concrete building with a concrete foundation and an asphalt roof, it stands five stories tall and has a total floor space of approximately 180,000 square feet (17,000 square meters). It was first used to manufacture can-making machines, then, from 1965 until 1978, by the Cleveland Machine Co. as a machine tooling and metal shop. It has sat virtually unused since 1978.
Bloomfield/Schon + Partners purchased the building in late 2005, using a $500,000 loan from the city’s community development office. Plans called for transforming the massive former factory into 110 apartments, more than 75 parking spaces and 12,000 square feet of retail and office space.
Dubbed the American Can Lofts, the building is located just off Hamilton Avenue, within walking distance of restaurants, drug stores, boutiques and other shops. This renovated factory is a new, modern, energy-efficient building within a vibrant urban neighborhood. Apartments range in size from 615 to 1,513 square feet and have huge windows with great urban views, modern kitchens, secure entry systems and individually controlled, energy-efficient heating and cooling. Rents will run from just under $600 to $1,300 a month for one-, two- and three-bedroom units. Some retailers have also been contacted by the developers.
The economic crisis took its toll on the development of the old factory. However, in March, Bloomfield/Schon + Partners finally landed its financing, a $21.8 million package. When completed, the new American Can Lofts will improve the surrounding real estate market.
The first apartments are expected to be unveiled this fall.