The Reserve at 4th and Race, an 88-unit apartment redevelopment by Ashley Commercial Group and Arcadia Communities.
Built in 1927 and listed on the National Register of Historic Places as part of the City's West Fourth Street Historic District, the 15-story former office building once housed the Chamber of Commerce and later the Federal Reserve Bank of Cleveland, which vacated the space in the early 1980s.
"It's a very unique project, and one that our group is extremely proud of," said Brian Durbin, president of Arcadia Communities. "This building has a lot of character. It's got a lot of history. For our group to bring it back to prominence and to really kind of bring life back to a building that for many years had become nearly vacant...it's just very exciting for all of us to be a part of."
The project has applied for LEED certification through the U.S. Green Building Council.
Eighty-two of the units have been leased, which Downtown Cincinnati Inc. President and CEO David Ginsburg said will add to the vibrancy of Downtown.
City Manager Milton Dohoney echoed Ginsburg's remarks on Downtown's momentum.
"The bottom line is the City continues to move forward project by project, and if a month or two goes by and you wonder what's going on in the City, rest assured that there is a deal or two in the works," Dohoney said. "Because this is a renaissance period for our City. When we look back on it ten or 15 years from now, this period will be marked as a turning point in this City's development."
Photos courtesy of The Reserve at 4th and Race
Previous reading on BC:
State grant for Federal Reserve subject of public meeting (8/2/10)
Federal Reserve, Metropole win state tax credits (6/28/10)
City supports redevelopment of former Federal Reserve Building (3/23/10)