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Local developer proposes building $90M apartments, hotel, retail space near Kenwood Towne Centre

Local developer proposes building $90M apartments, hotel, retail space near Kenwood Towne Centre
Posted at 11:45 AM, Mar 30, 2018

SYCAMORE TOWNSHIP, Ohio -- Cincinnati-based Capital Investment Group is proposing to build a $90 million mixed-used development including luxury apartments, restaurants, shopping, a hotel, an office tower and two parking garages near Kenwood Towne Centre.

The proposed project will include:

  • 250 luxury one-, two- and three-bedroom apartments
  • 108,000 square feet of office space
  • 19,000 square feet of restaurant/retail space
  • A 100-to-130-room hotel
  • 300 to 400 structured parking spaces for Jewish Hospital
  • 1,350 parking spaces in two garages and a retail surface lot

The 6.7-acre site, located between Jewish Hospital and Kenwood Commons, currently includes 20 different parcels that the developer has been assembling since 2012.

“We have been working to purchase these properties for over five years," said Capital Investment Group Development Partner Gregg Fusaro. "This is an A+ site adjacent to the most successful mall in the region, and we have been patiently buying as properties became available.”

The site has been designated for mixed use development by the Sycamore Township Comprehensive Land Use plan.

Capital Investment Group President David Bastos said the company is working with township officials and the community to craft a development plan that will reflect the high quality of the surrounding commercial development, provide long-term benefits to the township and will respond to supply gaps that currently exist in the marketplace.

As part of the proposed development and its efforts to create a public/private partnership, Capital Investment Group is in discussions with Mercy Health, which owns Jewish Hospital, about providing 300 to 400 parking spaces in a structured parking facility for hospital employees.

“Mercy has made a huge financial investment in its Jewish Hospital, but unfortunately their current site is under-parked and several hundred employees have had to utilize parking spaces across Kenwood Road at the Kenwood Towne Centre on a temporary basis," Bastos said. "We reached out to Jewish to see if there was interest in providing employee parking in our proposed development."

This option would provide the hospital with adjacent and dedicated parking spaces, creating a much more convenient and safe parking experience for employees, Fusaro said. While no final agreement has been reached, CIG leaders said they're looking forward to having Mercy play a significant role in this development. 

Currently, Capital Investment Group is working with Sycamore Township on re-zoning the nearly 7-acre acre site located just west of the Kenwood Towne Centre. They're also discussing partnering with the Greater Cincinnati Development Authority on improvements bonds that would be used to finance construction of the parking structure.  

“We have already held a public meeting in addition to knocking on the doors of adjacent homeowners to provide background about the development," Bastos said. "We are working diligently with neighborhood stakeholders to make the development plan something that everyone can be proud of."

Capital Investment Group will hold another public hearing in the coming weeks where they will present an updated plan that responds to public comments.

"Whenever a developer wants to invest nearly $100 million in our community and significantly expand the tax base for both the township and the school district, we are thrilled," said Sycamore Township Trustee Tom Weidman. "The proposed development is a true public/private/institutional partnership, which rarely comes along in any community.

Bastos expects the apartments to have a broad appeal to young professionals as well as empty-nesters who have sold their homes but wish to be near the Kenwood commercial hub, which he says features the region's most attractive and convenient mix of restaurants, shopping and entertainment options. The development’s luxury apartments will be the closest apartments to Indian Hill and the only ones with walkability to high-end shopping.

Apartments will rent from $900 a month for a one-bedroom, $1,200 a month for a two-bedroom and $1,900 a month for a three-bedroom unit.

"We truly have something for just about everyone," Fusaro said.

Founded in 1984, Capital Investment Group has acquired, developed and redeveloped residential and commercial properties in the Midwest, the Mid-Atlantic, Southeast and Greater Cincinnati markets. The company has previously developed the SouthShore high-rise condominium and Aqua on the Levee luxury riverfront apartment development in Newport, Kentucky; the Renaissance at The Power Building in downtown Cincinnati and the Avalon at the Pointe apartments in Eastgate.