Developers Plan 450 Apartments in West Chester
- Oct 01, 2012
With vacancies dropping and rents growing, apartment construction is on the rise in the Cincinnati Metro Area, and Marcus & Millichap predicts that by year-end the stock will have increased by 1.1 percent as developers finish 1,000 apartments. It represents the largest year-over-year increase in nine years. And there’s more to come.
WCPO reports that a pair of developers plan to bring 452 new apartments to downtown West Chester, on both sides of the Union Centre interchange. Capital Investment Group Inc. and Hills Properties will each meet with the city’s zoning commission next month and will present their plans for the two separate residential communities.
Capital Investment Group Inc.’s The Cascades at Union Centre is the first residential community to be proposed. The 180-unit development will be located along Centre Pointe Drive, just south of The Square at Union Center and West Chester Towne Centre, and will include first-level retail space.
The second proposed residential community is called The Lofts at The Streets of West Chester. To be developed by Hills Properties, it will include 272 residential units and will be located on the east side of I-75.
Both developments are located within walking distance of restaurants, retail shops and other amenities. West Chester is the largest township in the state of Ohio. It features almost 3,000 businesses and is ranked as one of the best places to live in America, according to Larry Brueshaber, president of the West Chester Development Council. Rents in both communities are expected to exceed $1,200 per month.
The projects still need a variety of approvals before construction can begin. The West Chester Zoning Commission will consider both developments at their meeting on Oct. 15.
“By introducing a critical mass of people into an area rich with restaurants, retail, corporate development and civic amenities, communities develop a sense of ‘place’ and a vibrant core, which has always been the vision for Union Centre,” township administrator Judi Boyko said in a news release. “With this critical mass, our downtown will thrive, continue to be an excellent investment for future developers and therefore will support the ongoing sustainability for the community as a whole.”
Charts courtesy of Marcus&Millichap.