Thursday, April 12, 2012
"We've never seen this level of community investment and excitement for any development we've done," said Model Group CEO and Principal Steve Smith.
Once considered "a symbol of neglect" for the neighborhood, the Model Group and Price Hill Will have renovated the 25,526-square-foot building at W Eighth Street and Elberon Avenue, built in 1905, into 37 one- and two-bedroom affordable apartments for seniors 55 and older. Rents will be between $420 and $550 a month.
The project is registered with U.S. Green Building Council and is pursuing LEED Gold certification.
Nobody remembers how long the building had been vacant – perhaps a dozen years or more.
"In my State of the City speech the other night, I talked a lot about pride," said Cincinnati Mayor Mark Mallory. "Neighborhood pride. How pride can be the driver of new development. This is an example, what has happened here. I want to see that pride instilled in every neighborhood throughout Cincinnati."
Development is already happening. Incline Village, a 15-unit condominium and restaurant development that's part of the larger $50 million Incline Square project, is under construction near Queens Tower. An upscale, five-unit residential redevelopment on Price Avenue, the Flats, sold out in less than two months. And the region's second Bayou Fish House location, also on Price Avenue, has been thriving.
The $7.4 million project was funded with the help of a $3.3 million Neighborhood Stabilization Program 2 (NSP2) loan, a $1.8 million Cincinnati Community Reinvestment Area LEED tax exemption, and a $1.7 million City HOME loan.
More photos of the Elberon Senior Apartments will be posted next week.
Previous reading on BC:
Incline District closer to formal recognition (4/4/11)
Model Group wins LEED tax exemptions for Elberon, Woodburn Pointe (3/21/11)
Work on Elberon project officially begins (2/24/11)
Incline District project wins $750K grant (7/7/10)
Price Hill, City celebrate first NSP rehab and sale (4/21/10)
Posted by Kevin LeMaster at 3:06 PM