The first three phases of concentrated investment in historic Over-the-Rhine's
Gateway Quarter are now complete. Totalling close to 200 new housing units, of which 61% have been sold, the Quarter also boasts 47,000 square feet of commercial space with 19 spaces leased out of a total 33. That success is now rolling into the fourth phase with its first project, Parvis Lofts.
The $10 million development was funded through a combination of City grant funds, State and Federal historic tax credits, New Market tax credits and a loan from the Cincinnati Equity Fund. Parvis Lofts is located in the 1400 block of Vine Street near recent infill projects like Trinity Flats and Fourteenth & Vine. The block of historic structures extends along the majority of the block all the way to the buildings that house Smitty's which were recently ravaged by fire, but saved from the wrecking ball.
Joining Parvis Lofts in the Phase IV of Gateway Quarter development is Saengerhalle and Westfalen Lofts on Race Street and the large Mercer Commons project. Altogether the projects represent $70 million in development costs and will create an additional 200 housing units, 63,000 square feet of commercial space and 300 parking spaces. Parvis Lofts, being developed by
NorthPointe Group, will be the first apartments developed to date in the Gateway Quarter.
"Up until now there has only been for-sale product developed in the Q, and we have received numerous requests for rental options," explained J.T. Barse with NorthPointe. "Like the Gateway Quarter as a whole, the project is aimed at attracting people that want to live in and embrace Cincinnati's urban core."
The completed project will create 32 one- and two-bedroom apartments ranging from $600 to $1,800 a month. Along Vine Street, 600-4,500 square-foot commercial spaces are being created that are also for lease. Based on previous successes, Northpointe is excited about the Parvis Lofts project and their two other Phase IV projects - Saengerhalle and Westfalen Lofts.
"NorthPointe has been an integral part of the Gateway Quarter from the very beginning of the project," said Barse. "Together with
HGC construction we have developed Duncanson Lofts and Mottainai, both of which have sold out."
The first six units of Parvis Lofts will be complete by June 1, 2010 with the rest being completed by September 1, 2010. According to NorthPointe officials, the project has been underway since October 2009 and has employed several hundred people along the way.
Units within the Parvis Lofts project include hardwood flooring, washers and dryers,
Cincinnati Bell fiber-optic service, "dramatic" window openings, secure off-street parking and a landscaped outdoor area with a grill behind the structure. Those interested in living opportunities can schedule a tour, or submit applications now by calling Karen Malone at (513) 835-2110.
Writer:
Randy A. SimesPhotography by Tiffani FisherStay connected by following Randy on Twitter
@UrbanCincy
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