A development in North Fairmount (map) that has sat unfinished and dormant for nearly two years has been resurrected by a new developer, and will be ready for new residents later this spring.
The Bluffs at Woodcrest, originally developed by MI Homes, was purchased by Coach Development near the end of 2009 after MI decided to move away from multi-family developments. The new developers are currently building an additional six, three-story townhouses that will finally push the development past the half-way mark.
The development was originally planned to include 60 townhomes, but to date only 24 have been built and sold. Coach Development President Robert Gerwin says that after the current six townhomes they are building are complete they intend to move on to more.
“We’re going to see how the market is, but we hope to have these next sold out in May, then start on the next building,” Gerwin explained.
Each building includes six townhomes and is perched atop a hill just minutes from downtown Cincinnati. The central location was one of the main drivers for Coach Development when they decided to purchase and pursue their first urban development.
“We feel that Cincinnati and urban living is growing and thought that this was a good fit for us and a great opportunity to get into the city of Cincinnati.”
With an expectation of selling 10 to 12 townhomes in 2011, Gerwin believes that a full build out will be complete over the next two to three years. He also says that the first building should be completed by the end of March, and that many of the units should be appealing to young people looking for an urban lifestyle.
“These townhomes lend themselves to young professionals and first-time homebuyers,” Gerwin said. “The most recent one we sold is to a young woman who works uptown as a nurse. We really like the younger demographic.”
The townhomes start at $119,000 and include a ten-year property tax abatement through the City of Cincinnati. Those interested in touring a unit can contact Ronald Kelly or Michael Sweeney with Comey & Shepherd at (513) 241-3400.
Bluffs at Woodcrest photograph by UrbanCincy contributor Thadd Fiala.