Karvoto, a new Cincinnati development company, is planning to renovate four existing buildings and construct five new townhouses in the heart of Over-the-Rhine. The nine units will become part of Hillman Point OTR
, a multi-phase residential development.
Existing buildings at 221 and 229 Kemp Alley and 206 and 212 Wade Street will be renovated, and new townhouses will be constructed at 223, 225 and 227 Kemp and at 208 and 210 Wade. An existing building at 214 Wade will be renovated as part of the development’s proposed second phase.
Karvoto purchased most of the properties from an affiliate of Urban Sites in February, while 208 Wade, which is the last piece of the puzzle, is owned by an affiliate of 3CDC and is currently under contract.
The townhouses will range in size from 2,050 to just over 2,700 square feet and cost between $500,000 and $600,000. Each unit will have three bedrooms and 3.5 bathrooms, with open main floors, gourmet kitchens, balconies, rooftop decks and hardwood and tile throughout.
Karvoto plans to break ground on the $4 million development after the first of the year.
Karvoto was founded in early 2015 by Luke Bennett and his brother, Rob, who also own Custom Carving Source, a Cincinnati-based contracting company.