CINCINNATI – Cincinnati Park Board will vote Thursday morning on the $ 1.5 million sale of a site three morning in Mt. Auburn, where neighborhood leaders have been complaining about an untamed drug trade and two of the largest regional real estate developers want to build hundreds of upscale housing units.
The sale would enable Hollister Court, a $ 60 million residential project led by Uptown Rental Properties LLC and North American Properties LLC.
Their joint venture, Auburn Land Holdings LLC, won a tender to sell part of the Hollister Recreation Area on Vine Street north of Inwood Park.
The Hollister Complex is owned by the Park Board and administered by the Cincinnati Recreation Commission.
“This has been a problem for ten years,” said Carol Gibbs, CEO of Mt. Auburn Community Development Corporation. âIf it were just a homeless camp it would be one thing, but it’s not drug sales, drug use. It is very bad. They hang around on the toilet in Inwood Park making it dangerous and difficult for families to use this bathroom. (At night) drug users go to Hollister, party all night. And when people return to their offices there are needles and drug paraphernalia. “
The solution? A four story apartment building on top of a three story parking garage with a row of townhouses facing Vine Street in front of it. Existing green space in front of the townhouses would remain, maintained through an annual $ 30,000 contribution to the Park Board by the developers, who also agreed to pay the Park Board $ 259,000 for trees that are cut through the project will be removed.
“That was very important to us,” said Dan Schimberg, CEO of Uptown Rentals. âIt was really important to the neighborhood and the Park Board that this two-acre facade on Vine Street get a major revitalization with some of the proceeds from the sale. (It will) make Inwood Park a much more sustainable product for everyone in the city.
Uptown Rentals is the most active residential developer in the University of Cincinnati area. Its 4,000-unit portfolio includes the most recent Mt.
Schimberg said Hollister Court will likely offer rents on par with Wellington’s, with a bedroom rent at $ 1,369 a month. He anticipates the healthcare sector and the young professionals occupying this property will also be interested in Hollister Court.
Schimberg hopes to finalize the property sale by the end of this year and then take steps to “secure” the site with fences, lighting, or other enhancements so that it is “something the police can patrol and control”. There is a massive drug and drug problem here that is really too dangerous for the police because there are no lights in the back and vehicles cannot be reached in the evening. “
Auburn Land Holdings has acquired additional properties in addition to the Hollister Recreation Area, so development partners will spend much of the next year reviewing their development plan. Over time, Schimberg believes the site could contain up to 500 residential units. He hopes to start construction by 2023 and move in the first tenants by 2024.