Over-the-Rhine condominium development to be converted into 16 apartments

Urban Sites completed the renovation of 16 condominium units at the Belmain Building approximately one-and-a-half years ago. The residential project has struggled with condo sales, and is now being transitioned to apartment units in a better performing rental market.

As a result Urban Sites and the Cincinnati Center City Development Corporation (3CDC) decided to transition the 16 residential units to rental properties just over a month ago. That decision has proved fruitful as NorthPointe Group has been able to lease 70 percent of the units thus far and has applications on the rest.

“The demand to live in Over-the-Rhine is incredible,” according to NorthPointe Group leasing agent JT Barse. “This is a place where people want to be, and a lifestyle that people want where they can be close to work and close to where they want to be after work.”

Even though many are moving into Over-the-Rhine to be close to work, Barse notes that some of the new residents moving in are just trying to take advantage of the urban lifestyle, and are reverse commuting to their jobs elsewhere.

“People have loved Belmain because they love being by Park+Vine and Neons Unplugged, and they love being on Main Street where it has such a vibrant community,” Barse continued. “Many people just want to live smart by being where they want to be.” The evidence of this smart living trend can be found in the projects for which NorthPointe Group is responsible.

The 48 rental units in Parvis Lofts filled up before the first unit was completed, and the development group is planning to add an additional eight to ten residential units behind Republic Street. Belmain’s 16 units will also be completely full by the time the first resident is able to move in on June 1.

Similar to the success at Parvis and Belmain, developers at The Banks saw 60 percent of its 300-unit first phase gobbled up before the first residents could move in. The success of the rental units in particular, Barse believes, is due to the demographics looking to move into the urban core.

“People are really recognizing that this is a great place to live, and for some people, it has been difficult to find this kind of quality at this price point. Plus, the success of downtown is helping drive success in OTR, and it’s all rolling together to be a good center city.”

LEED Silver-certified Belmain building photograph by Thadd Fiala for UrbanCincy.

  • Rob

    These are GREAT apartments. A little on the small side, but perfect for me and my girlfriend. We are part of the group moving in this summer. We are definitely excited to be a part of the community and the urban lifestyle down there.

  • This also part of a larger trend. Look at the success of zipcar or ShareSomeSugar. We’re slowly moving away from an ownership society to a borrow/rent society and this is just one small aspect of it appearing.

  • Matt

    @5chw4r7z – we are moving down to Cincy from the Dayton exburbs and after the stress we went through to sell our house I am in no rush to buy. Especially when options like these are available.

  • Where can you find more information about the new apartments? I checked Urban Sites’ website but couldn’t find any rental info on the property. I’m just curious to check price and see how the spaces look.

  • Cool, thanks for the link. For those of us who are not ready to commit to a condo this is great news.

  • Caitlin

    Is there a link with updated pricing? The pricing on the Gateway Quarter link is only for the condos

  • @Caitlin: Try contacting JT Barse about checking out the units: jbarse@northpointegroup.com.

    He did inform me that the units are 600-900 square feet and are renting for $700-$950 per month. This price does not include a parking space as far as I know.

  • Dale Brown

    “The demand to live in Over-the-Rhine is incredible,” according to NorthPointe Group leasing agent JT Barse. “This is a place where people want to be, and a lifestyle that people want where they can be close to work and close to where they want to be after work.”

    Not sure about JT’s logic here given they couldn’t sell them, but they definitely need more rental space downtown. Glad to see they came around to rent them; is 3DC buying the people who bought condo’s out, or could they not sell any of them?

    • There is definitely huge demand to live in OTR right now, just not a huge desire to *buy*, which is indicative of the housing market as a whole.

  • @Dale Brown: It’s my understanding that none of the condos at the Belmain were sold. So there are no prospective buyers to buy out.