Indianapolis Developer to Continue Oakley’s Housing Boom with 272-Unit Project

Yet another Indianapolis-based developer is entering the hot Cincinnati residential market. This time the developer is Buckingham Companies and the location is Oakley.

According to the Business Courier, an UrbanCincy content partner, Buckingham has been eyeing the Cincinnati market for some time. They decided that now was the time to move on the seven-acre site immediately southeast from the $120 million Oakley Station development which will include nearly 600,000 square feet of office and retail space, 302 apartments and a movie theater at full build out.

The developers are citing the location’s close proximity to Downtown and the neighborhood walkability offered in now-booming east side city neighborhood as the main draws.

Buckingham hopes to break ground on the project this May and open the summer of 2015. At full build out the project will include 272 apartments in seven, three-story buildings. Residences will range from 812 to 1,600 square feet and likely cost around $1 to $1.50 per square foot.

The development says that they will pursue LEED for Homes, the U.S. Green Building Council‘s newest Leadership in Energy and Environmental Design certifications, for the project.

The site is located immediately adjacent to a freight rail line owned by CSX, and currently includes two industrial warehouse buildings and approximately 11 single-family homes along Cardiff Avenue. Both the homes and the warehouses date back to the early 1900s. Initial reports indicated that the developers may renovate one of warehouses into 41 apartments.

The project announcement comes immediately after the developers acquired seven of the properties earlier this week. Of the remaining five homes, three are held by separate, unaffiliated LLCs and the other two are listed by the Hamilton County Auditor as owned by individuals who live elsewhere.

  • odd how all of the new development/investment for larger scal projects seems to be coming from out of town. would be an interesting commentary for the website.

    • Yes it is. It is almost as if Cincinnati developers are skittish to do more urban projects.

      It makes absolutely no sense at all given how hot the housing market is in the center city right now. There could and should be thousands of more housing units being developed right now.

      As Derek Bauman likes to say, Cincinnati needs more density and connectivity to take it to the next level. I couldn’t agree more.

  • EDG
  • Matt Jacob

    I think these new multi-family developments around Oakley make a lot of sense. Historically some of Oakley/Hyde Park’s single-family homes have been rentals for wealthier young professionals, but from what I’m hearing from friends looking to buy their first homes in these areas it is getting super competitive, which is taking many of these rentals over to the owner-occupied side. A few friends’ lease actually wasn’t renewed so the owner could put the house up for sale because prices have risen so much. These higher-density multi-family developments are trying to retain and capture that demographic that still wants to rent in these premium areas. It’s kind of interesting and smart what they are doing, but the product they are offering them is a different style than what has historically drawn them to these areas.