Downtown Cincinnati poised for surge of residential conversions, by Randy Simes (UrbanCincy)
Developers are in the process of transforming the 85-year-old Federal Reserve Tower at Fourth and Race into 88 apartments after serving as an office structure for its entire life. The process is one being undertaken in old cities all across the United States – transforming old office buildings into unique residences.
Tuesday, March 20, 2012
“Residential is a great use for older buildings as opposed to office uses”.
Doesn't this idea apply to the Elsby Building?
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5 comments:
I read the Cincinnati article closely - I didn't see any mention of low income housing tax credits.
Can anyone confirm a developer actually feels they can make a profit in developing downtown residential property without taking a handout?
The Levy Bros. building in downtown Louisville is a great example of success. The residential units upstairs are very well done.
Most of the properties downtown were originally built as mixed use commercial and residential units. Many are functioning that way now, some fairly recently rehabbed for residential use for the first time in decades. So, yes, I'd say a developer feels they can make a profit doing residential in downtown New Albany without a handout. In fact, they have and are.
Otherwise, I hope you have a damn good retirement plan.
And, since we're comparing ourselves to Cincinnati, there are 105 low income housing tax credit projects in and around a five mile, downtown-centered radius there.
They range in size from 346 to two units each.
I don't understand the "retirement plan" comment.
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