New Apartments Coming to Downtown Cincinnati This Summer
- May 19, 2012
An $18 million development project will bring 88 new apartment units to downtown Cincinnati this summer. The Edgewood, Ky.-based Ashley Commercial Group has partnered with Arcadia Communities of Louisville to transform the former Federal Reserve Bank building into The Reserve at 4th and Race, an exclusive downtown apartment complex.
The 15-story tower was built in 1927 and is located at 105 W. Fourth St., directly on the corner of Fourth and Race. It has primarily been used as office space in recent years but has slowly lost tenants to newer, more modern buildings like the Great American Tower.
ACG, however, sees an opportunity to bring unique housing to a part of Cincinnati that continues to grow. Downtown Cincinnati Inc., the downtown advocacy group, recently released its eighth annual “State of Downtown Report,” showing that the estimated downtown residential population was more than 13,000 in 2011, an increase of 12 percent over the previous year. More residents, more office workers and more visitors are flocking to this important part of the city.
The 190,000-square-foot community will feature 21 unique floor plans in 88 apartments, including one-bedroom, two-bedroom and loft units. The apartments will range from 653 to 2,110 square feet. The smallest unit will have a monthly rent of $925, while the 2,100-square-foot, one-of-a-kind 14th-floor penthouse is priced at $2,950 per month, three times downtown’s average rent.
The pet-friendly community will include such amenities as a 15th-floor business center, fitness room and entertainment area, visitor’s suite and 5,000-square-foot rooftop deck with couches, chaise longue, cafe tables, fire bowls, a bar and a rim of planters, while apartments will feature hardwood flooring, granite counter tops and stainless steel appliances. ACG has replaced the 513-ton, 50-year-old water chiller on the roof and the original 85-year-old boiler, recreating the heating and cooling systems. The developer is pursuing LEED Silver certification.