CINCINNATI - Towne Properties, Al Neyer Inc., and the Clifton HeightsCommunity Urban Re-development Corporation (CHCURC) are workingtogether to bring a new multi-purpose development near the campusof the University of Cincinnati.
The $68 million development includes retail, housing, officespace, and dining.
The property, currently, is mostly unused, except for a parkinglot. It is prime real estate adjacent to the UC campus inbetween Calhoun Street and West McMillan Street.
The property has been the target for development foryears. An eminent domain dispute, failed attempts by adifferent developer,and the economic downturn all contributed tothe property staying undeveloped.
Now, the partnership of Towne, Neyer and CHCURC promises asprawling design to offer something for everyone. It offersshopping and eating options for students and young professionals aswell as an apartment complex, to be managed by Towne Properties.Another feature of the development includes a parking garage with700 spaces. Parking anywhere near the UC campus always is achallenge.
UC has explored improving the immediate surroundings of itscampus for decades. It is now investing in those dreams by creatingurban development corporations to seek out projects in keylocations.
The CHCURC received funding from the UC Endowment to buy theland in between the high traffic streets of Calhoun and McMillan.Towne and Neyer bring strengths to the project that meet thelong-term needs of the university. Towne specializes in apartmentdevelopment. This project includes about 160 market-rateapartments. This means they are full-size apartments in either theloft, one bedroom or two bedroom models. They are not dormsintended for students, but rather for young professionals.
Neyer concentrates on commercial construction with retail andparking garages. The plan also calls for a hotel that would developthe site on its own and target parents wanting to visit theircollege-aged children, people attending sporting events and evenvisiting professionals for the university.
Arn Bortz, a partner with Towne Properties said the location isideal for the urban setting with people who are hungry for newentertainment, living, and business options.
"We have a passion for places like this." said Bortz. "Theuniversity has gotten stronger over the years. The standards havebeen raised. The student body is stronger. Research dollars flowinginto the university have multiplied several times over and theuniversity deserves an environment that is worthy of its reputationand what it's done to improve itself."
Construction is set to begin this summer with completion in thefall of 2012. It is also about a half mile from the proposed routefor the Cincinnati streetcar line.
Bortz added, "We think we've put together the right kind ofmixed-use program that will have a very, very long useful life andbe a credit to the city, the neighborhood and the university."
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