A promoter is considering a $ 60 million project on land in the park
CINCINNATI – Cincinnati’s Park Board will vote Thursday morning on the $ 1.5 million sale of a three-acre site in Mt. Auburn where neighborhood leaders have complained for years of illegal drug trafficking and two of the the area’s biggest real estate developers want to build hundreds of high-end apartments.
The sale would allow Hollister Court, a $ 60 million residential project, run by Uptown Rental Properties LLC and North American Properties LLC.
Their joint venture, Auburn Land Holdings LLC, was the city’s successful bidder in a tender for the sale of part of the Hollister Recreation Area on Vine Street north of Inwood Park.
Owned by the Park Board and managed by the Cincinnati Recreation Commission, the Hollister complex is known in the neighborhood for its heavily damaged tennis courts and a homeless population that remains after numerous attempts to relocate them.
âIt’s been a problem for ten years,â said Carol Gibbs, CEO of the Mt. Auburn Community Development Corporation. âIf this was just a homeless camp, that would be one thing, but it’s not drug dealing, drug use. This is really bad. They hang out in the bathroom in Inwood Park, which makes using this bathroom unsafe and difficult for families. (At night) drug addicts go up to Hollister, party the night away. And when people come back to their offices, there are needles and drug paraphernalia.
The solution? A four-story apartment building atop a three-story parking lot, preceded by a row of townhouses facing Vine Street. An existing green space would remain in front of the townhouses, maintained by an annual contribution of $ 30,000 to the park council by the developers, who have also agreed to pay the park council $ 259,000 for the trees that will be removed by the project. .
âIt was really important to us,â said Dan Schimberg, CEO of Uptown Rentals. âIt was really important to the neighborhood and the park board that this major two-acre frontage on Vine Street received a major revitalization from a portion of the proceeds from the sale. (This will make) Inwood Park a much more sustainable product for everyone in the city.
Uptown Rentals is the most active residential developer in the neighborhoods surrounding the University of Cincinnati. Its 4,000-unit portfolio includes the recent Mount Auburn projects, the One41 Wellington building, a 259-unit property completed in 2019, and the 182-unit Bigelow, currently under construction.
Schimberg said Hollister Court will likely offer rents comparable to the Wellington property, with one-bedroom rents at $ 1,369 per month. He expects the healthcare and young professionals who fill this property to be interested in Hollister Court as well.
Schimberg hopes to complete the sale of the land by the end of this year and then take steps to “secure this site” with fencing, lighting or other improvements to “make it something the police can patrol. and control. There is a huge drug trafficking and drug problem here which is really too dangerous for the police because there is no light here and at night it is not accessible by vehicles.
Auburn Land Holdings has acquired other properties adjacent to the Hollister Recreation Area, so development partners will spend much of next year revising its development plan. Over time, Schimberg believes the site could contain up to 500 homes. He hopes to start construction by 2023 and move in the first tenants by 2024.