Two new developments were announced this past week that will continue the flood of housing into the Central Business District. They are Broadway Square and the conversion of three buildings along West Seventh Street. Together these projects are expected to add over 150 apartments to downtown.
Broadway Square is a $26 million residential and retail development located in the downtown neighborhood of Pendleton, across from the Horseshoe Casino Cincinnati. The project will bring new life to an entire block of Broadway Street between Eliot and 13th Streets. It will feature at least 78 apartment units and 20,000 square feet of general commercial space. Construction will take place over two phases, the first of which will start in November. The second phase is tentatively scheduled to begin construction in October 2014.
The buildings at 106, 22 and 24-26 West Seventh Street are being purchased by Peak Property Group. The company intends to retrofit the buildings into a total of 75 apartments with 15,000 square feet of street level retail space. Developers hope to begin work on the building conversions between November and December of this year. Below is a breakdown of the amount of new units per building:
• 106 West Seventh – 31 units
• 24-26 West Seventh – 30 Units
• 22 West Seventh – 14 units
Prospective downtown renters will be interested to know that both new developments are expected to price the apartments at a competitive rate of around $1 per square foot, which is significantly lower than the ‘luxury’ developments downtown, such as the Banks, which have rents nearly twice as much.
The Broadway Square development and West Seventh Street properties are the latest in a string of proposed downtown housing which also includes:
• Banks (Phase II)- 305 units
• Pogue Garage – 300 units
• Fountain Place Apartments atop Macy’s at Fountain Square- 225 units
• AT580 (aka the 580 Building)- 175 units
• Planned development at 7th and Broadway Streets- 110 units
• Mercer Commons- 67 units
• 906 Main Street – 20 units