In mid-November, construction will begin on Broadway Square, a $26 million downtown residential and retail development project in Pendleton. The development will stretch from Elliot Street to 14th
Street, and will include the redevelopment of former apartment buildings at three of the four corners of Broadway and 12th
"We hope Broadway Square will drive the revitalization of Pendleton in a significant way, and continue Over-the-Rhine
's transformation," says Bobby Maly, chief operating officer of Model Group
, the developer and general contractor of the project.
The first phase of Broadway Square received $10.2 million in new market tax credits in September, which will include 26 one-bedroom and 13 two-bedroom apartments. Living space will total 40,000 square feet, and there will also be 11,000 square feet of retail space.
The project’s second phase will have 39 apartments, and construction is slated to begin in October 2014.
Although rental rates are yet to be determined, Model Group expects units will rent for about $1 per square foot. "We want Broadway Square to help meet a target price point below the high-priced luxury apartments downtown."
In all, Broadway Square will include 20,000 square feet of commercial space for restaurants, boutiques, destination shops and small offices, and about 90 apartments. A pub and restaurant is planning to move into one of the corner spots. There will also be 27 spots of dedicated parking for both retail and residential.
By Caitlin Koenig
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