Schneider Plans High-End Project in Madisonville
- Jan 20, 2015
In its National Apartment Market Report for 2015, Marcus & Millichap Real Estate Investment Services Inc. predicted that household creation in Cincinnati will accelerate this year, as some of the metro’s Fortune 500 companies expand, thus creating demand for rental housing. One new project has already been announced.
According to the Cincinnati Business Courier, the developer Ray Schneider plans to start work this year on a $25 million luxury community in Cincinnati’s Madisonville neighborhood. The project is named the RED. It calls for the construction of three four-story buildings on seven acres along Red Bank Expressway. The RED will offer 250 one-, two-, and three-bedroom units, as well as underground parking and three restaurants.
Schneider recently presented his plans to Madisonville’s real estate committee and received positive feedback. He hopes to open the first phase of the project by the summer of 2016. Gene Allison of Reztark Design Studio is the project’s architect. A builder has not been selected yet.
Marcus & Millichap reports that developers will deliver 1,550 units this year, bumping up supply by 1 percent. In spite of this, apartment vacancy is projected to drop to 5 percent in 2015. Rents will rise 4.9 percent year over year to $860 per month.
Charts courtesy of Marcus & Millichap.