Cincinnati-based Model Group
says that construction will start this October on a $4.7 million senior living project in Avondale. Forest Square Senior Apartments will continue the ongoing success happening along the Burnet Avenue corridor says Model Group vice president of development Robert Maly.
"We've partnered with the Uptown Consortium
and worked with the Burnet Avenue Revitalization Team (BART) on the Burnet Avenue corridor revitalization; this is the next phase," explains Maly.
Once complete, Forest Square Senior Apartments will have 21 two bedroom senior units that will rent for $500 to $600 a month. The development will feature on-site parking for residents, a community room, outdoor space, hardwood flooring, storage units, ADA accessibility, high efficiency appliances and elevator access. A market study showed a need for this kind of a project with unmet demand in the nearby area.
Model Group is working with Over-the-Rhine-based City Studios Architecture
to build a LEED-certified project. Maly says that this will be Model Group's first LEED project and they are working on achieving LEED Silver status.
Forest Square's construction is expected to take approximately 12 months with a late 2010 completion date. Model Group also estimates that during the construction process 54 full-time job equivalents will be created.
The City of Cincinnati helped with the financing of the project with $2.8 million in private equity and an additional loan. Maly says that some stimulus money also helped make the finances work on the project.
Model Group states that creating affordable senior housing units is a "key component" of their growth strategy. In 2007 Model Group completed a 26-unit project in Covington, and earlier this year Model Group completed an 85-unit project in downtown Springfield.
To learn more about leasing opportunities in Avondale's new senior living development contact the Model Group
Writer: Randy A. SimesImages Provided
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