CINCINNATI — A New York-based developer is planning to transform a building in the heart of downtown Cincinnati into residential space.
Victrix LLC is proposing a $73 million redevelopment of the former Macy's headquarters into 338 units with amenities, an outdoor terrace and parking garage.
John Yung with Urban Fast Forward said the redevelopment would have an impact on the future of the city, putting more people in walking distance of stores and restaurants in the area.
"So having people living downtown means that we're keeping tax revenue in local stores downtown," the senior project executive said. "Having people being within a walking, biking or transit kind of distance from things helps reduce car usage."
Yung said housing is needed downtown, pointing to the demand for residential units in a 2012 study.
"They found that over the downtown had a demand over 5000 units since that study which was done nine years ago," Yung said. "At this point, we are still under 5000 units."
But the COVID-19 pandemic has changed things as many people continue to work from home instead of returning to downtown offices.
"During the day, not all the employees are back...so I know a lot of the downtown restaurants are kind of struggling with that," said Paul Sian with United Real Estate Home Connections. "But if you have people who are already living there, you know, accessing the restaurants on a daily basis...that's gonna be a great benefit for them."
The city's planning commission will review the proposal at its next meeting Nov. 5.