Categories
Business Development News

New Apartments, Retail Space Coming to Peeble’s Corner in Walnut Hills

You hear a lot about the significance of creating a critical mass when it comes to changing perceptions or establishing a new hub of activity in a neighborhood. That is exactly what Kent Hardman is aiming to do at Walnut Hills’ famed Peeble’s Corner.

Hardman, as you may or may not know, is a local real estate investor that has previously redeveloped the Jackson Theater on Eastern Avenue in Columbia Tusculum. He is also finishing up work on a historic firehouse at 773 E. McMillan Stree in Walnut Hills, which will not only house Fireside Pizza, but also his home.

“I walked in the first time, about a year-and-a-half ago, and thought that I had to bring this building back to life,” Hardman explained. “I’ve always dreamed of one day living in a firehouse.”

Hardman will move into his new 1,650-square-foot apartment in the Samuel Hannaford-designed firehouse at the end of this month, and he expects he will be joined shortly thereafter by Fireside Pizza in early July. He says that he likes to focus on old buildings that are shells where he can build new on the inside.

In the case of the 134-year-old Firehouse Row buildings, that was exactly what he had. In fact, the buildings were in such poor shape when Hardman purchased them from the City of Cincinnati for $1, that one of the two, known as the Hamilton House, had a tree growing through the middle of it.

Since acquiring the properties, the Miami University graduate has invested around $450,000 into the city’s oldest standing firehouse, including $100,000 in the form of a forgivable loan from the City.

As work wraps up later this month on that building, work will then begin next door on the Hamilton House. Hardman expects that he will invest another $550,000 into that property, which he is hoping will be offset by some gap financing from the City.

“It’s amazing what can happen to a property when it’s abandoned and left to die,” Hardman recalled. “The whole goal here is to create a concentrated effort, like what 3CDC has done in Over-the-Rhine, and reach that critical mass in Walnut Hills.”

Later in the year, he hopes to begin work on restoring two more buildings across the street, which is expected to cost around $1 million. In total, this second wave of work will create a dozen apartment units, ranging in size from one to two bedroom units, and two new storefronts. This next phase of redevelopment, however, is contingent upon pending gap financing from the City of Cincinnati.

Developing a critical mass is seen as critical for the ongoing revitalization of Peeble’s Corner. According to neighborhood leaders, the redevelopment of this block is the foundation for what they hope will be a larger turnaround for the business district.

“Over the last couple of years, while strategically purchasing key blighted properties, we realized that we needed to identify a small portion of the business district as an initial focus area,” said Kevin Wright, Executive Director of the Walnut Hills Redevelopment Foundation. “This is that area.”

Once the rest of the financing is secured for the rehabilitation of the 114-year-old properties, located at 772 E. McMillan and 2504 Chatham, it is expected that construction work will take approximately four months to complete.

The hopes are that these restored street-level retail spaces can become additional restaurants, grocery options, cafes, clothing shops and bars, as residents have recently indicated as their top preferences for the area. Wright also says that some capital investments will be needed in the near future, but is confident that the area is moving in the right direction.

“There are some wonderful historic buildings on this block, a safe public parking lot, an office building that is fully leased and expanding, as well as the Five Points alley systems,” Wright explained. “We believe this block can and will begin bringing Peeble’s Corner back to life.”

Categories
Month in Review

Month in Review – May 2014

Three of UrbanCincy‘s top stories in May revolved around a few dramatic transformations taking place in the urban core. We took you on a Street View tour of some of the biggest transformations in the city, showed you photos of the Cincinnati Streetcar’s construction, and shared news about changes to the city’s oldest historic district. In case you missed them, enjoy UrbanCincy‘s most popular stories from May 2014:

    1. PHOTOS: Cincinnati’s Dramatic, Decade-Long Transformation Visualized
      While many of us can feel that a transformation has taken place in Cincinnati over the past decade, it can be difficult to visualize it. Thanks to new Google Street View capabilities we have done just that.
    2. EDITORIAL: What Cranley’s Clever Budget Means for Urbanists
      The rookie Mayor John Cranley has proposed his first budget. At first glance, it doesn’t look so bad. But after further review what most feared is in fact the sad reality.
    3. The Littlefield to Bring Craft Bourbon Bar to Northside This June
      A craft bourbon bar called The Littlefield will open in Northside next month. The approximately 400SF establishment, which will also include a large outdoor terrace, has been years in the making.
    4. Western & Southern Aiming to Alter Lytle Park Historic District Boundaries
      Western & Southern has long been rumored to be eyeing a location for a new high-rise office tower to consolidate their headquarters; and proposed changes to the Lytle Park Historic District may be setting up for exactly that.
    5. PHOTOS: Construction Activities for $133M Streetcar Project Move Southward
      Significant visual progress continues to be made on the $133M first phase of the Cincinnati Streetcar. Take a look at the progress and learn about a string of good news that may push forward the opening date.

 

Categories
Development News

PHOTOS: Cincinnati’s Dramatic, Decade-Long Transformation Visualized

The changes that have been taking place in Cincinnati over the past decade have been felt and noticed by many. There is a palpable buzz surrounding the Queen City these days.

The city’s central riverfront has almost entirely been transformed following billions of dollars worth of public and private investment, Over-the-Rhine’s renaissance continues to be touted nation-wide as one to be admired, and thousands of more residential units are being developed in the center city as we speak.

For those who live outside the city and may not have been back recently, or for those out-of-towners who have not yet been able to make a visit, it could be difficult to even recognize some places now.

Thanks to a new feature from Google Street View, we can now go back in time and compare Google’s most current Street View images with those they have taken since 2007 when they started the service.

Here’s a look at some of Cincinnati’s more visually impressive transformations, but it is certainly not all encompassing. Simply drag the arrow bar back-and-forth to compare the old and new images.

Clifton Heights at W. McMillan Avenue and Ohio Avenue:

Clifton Heights in September 2007
Clifton Heights in September 2012

 

Evanston at Dana Avenue and St. Francis Way (formerly Woodburn Avenue):

Xavier University September 2007
Xavier University August 2012

 

Over-the-Rhine looking south on Vine Street near Fifteenth Street:

Vine Street September 2007
Vine Street June 2012

 

Over-the-Rhine looking north on Vine Street near Fourteenth Street:

Vine St September 2007
Vine St June 2012

 

The Banks at Freedom Way and Walnut Street:

The Banks July 2007
The Banks September 2012

 

Smale Riverfront Park along Mehring Way at Main Street:

Smale Riverfront Park July 2007
Smale Riverfront Park August 2012

 

Avondale on Burnet Avenue near Northern Avenue:

Mt. Auburn September 2007
Mt. Auburn June 2012

 

Columbia Tusculum at Delta Avenue and Columbia Parkway:

Columbia Tusculum August 2007
Columbia Tusculum June 2012

 

College Hill on Hamilton Avenue near Elkton Place:

College Hill August 2007
College Hill September 2013

If you are having difficultly viewing both the before and after images, try to just drag the arrow bar back-and-forth instead of clicking on the images in an attempt to reveal the after.

And for what it’s worth, we totally stole the idea for this post from The Washington Post. What other areas did we miss? Let us know in the comment section.

Categories
Business Development News

Gentrification Occurring in More Than Cincinnati’s Center City Neighborhoods

Like many cities across the United States, the City of Cincinnati is gentrifying, but it is doing so at a faster rate than most of its Midwestern peers – ranking fourth only behind Chicago, Minneapolis and St. Louis. When compared with the primary city in each of the nation’s 55 most populated metropolitan areas, Cincinnati is in the middle of the pack. Those cities that are gentrifying most quickly are located in the Northeast and along the West Coast.

The information comes from a new report published by the Federal Reserve Bank of Cleveland, which also dove into the financial implications of what is often generally considered a bad thing.

Gentrification is generally understood as the rise of home prices or rents in a particular neighborhood. In Cincinnati this has most vigorously been discussed as it relates to the transformation in Over-the-Rhine from what was one of the city’s poorest neighborhoods, to now being one of its trendiest.

Clifton Heights
The Clifton Heights neighborhood, which continues to see a surge of private real estate investment, was found to be one of several Cincinnati neighborhoods that gentrified between 2000 and 2007. Photograph by Randy Simes for UrbanCincy.

“Gentrification is sometimes viewed as a bad thing. People claim that it is detrimental to the original residents of the gentrifying neighborhood,” stated Daniel Hartley, a research economist focusing on urban and regional economics and labor economics for the Federal Reserve Bank of Cleveland. “However, a look at the data suggests that gentrification is actually beneficial to the financial health of the original residents.”

What Hartley’s research found is that credit scores for those living in a neighborhood that gentrified between 2000 and 2007 were about eight points higher than those people living in a low-price neighborhood that did not gentrify. He also discovered that delinquency rates, as represented by a share of people with an account 90 or more days past due, fell by two points in gentrifying neighborhoods relative to other low-price neighborhoods during the same period.

Some, however, caution against drawing conclusions about the data presented in Hartley’s report.

“I don’t see any reason why gentrification would affect the credit scores of existing residents – those who lived in the neighborhood prior to gentrification occurring,” commented Dr. David Varady, a professor specializing in housing policy at the University of Cincinnati’s School of Planning. “It was my impression that banks and other financial institutions were not supposed to take the neighborhood into account but rely on the family’s financial characteristics.”

The practice Dr. Varady describes of banks and financial institutions taking neighborhoods into account is called redlining. It is a practice that was rebuffed by the Fair Housing Act of 1968 and the Community Reinvestment Act of 1977, but some believe the practice persists in more abstract forms today.

One of the biggest concerns shared by those worried about the gentrification of neighborhoods is that it is particularly those that rent, rather than own, who are affected most. This too, however, is challenged by Hartley’s research.

“Mortgage-holding residents are associated with about the same increase in credit scores in gentrifying neighborhoods as non-mortgage-holding residents,” Hartley explained. “This result suggests that renters in gentrifying neighborhoods benefit by about the same degree as homeowners.”

Cincinnati Gentrification (2000-2007)
The Federal Reserve Bank of Cleveland noted gentrification in a wide variety of Cincinnati neighborhoods between 2000 and 2007. Map produced by Nate Wessel for UrbanCincy.

What is even more intriguing about the report’s findings is that original residents who moved from the gentrifying neighborhood, who many would consider displaced residents, experienced a 1.5 point higher credit score improvement than those who did not move.

The Federal Reserve Bank of Cleveland provided UrbanCincy with the data broken out by Census tract for Cincinnati. Approximately 72% of the city’s 104 Census tracts are defined as low-price, and of those 75 Census tracts with home valuation data, nine were found to have gentrified between 2000 and 2007.

When examined more closely it becomes clear that the neighborhoods experiencing the biggest gains in home value and income in Cincinnati are those that are in the center city. Specifically, and perhaps not surprisingly, five of the nine are located in the neighborhoods of Clifton Heights, East Walnut Hills, Fairview, University Heights and the East End. Outside of the center city, Pleasant Ridge, Oakley, Columbia Tusculum and Mt. Airy also experienced gentrification over the past decade.

Community council leaders for these neighborhoods did not respond to multiple requests for comments from UrbanCincy.

Unfortunately, the two neighborhoods where many expect gentrification has occurred most – Downtown and Over-the-Rhine – did not have median home value data available for the Federal Reserve Bank of Cleveland to study.

While the report has generally positive findings about the impacts of gentrification, Cincinnati is at a disadvantage when it comes to improving the financial health of its neighborhoods.

According to the report, the percentage of low-price Census tracts in Cincinnati beneath the median home value of the metropolitan area is 14 percentage points higher than the national average, and the rate at which Census tracts are gentrifying in the Great Lakes region is approximately 4.5 points lower than the national average.

“I don’t have a clue what Hartley meant by the phrase ‘neighborhoods with a potential for gentrification’ but the assertion that 95% do in Baltimore is rather ludicrous given the high rate of abandonment,” Dr. Varady scoffed. “Baltimore certainly can use more gentrification but how the city can promote this is an open question.”

With the nine identified neighborhoods in Cincinnati spread throughout a mix of expected and unexpected locations, it is probably safe to say that the Census tracts in Downtown and Over-the-Rhine also gentrified during this period, or have since 2007.

Change in cities is inevitable, but whether these changes sweeping Cincinnati are good, bad or indifferent is probably still open for spirited discussion among those most interested.

“In general I think that gentrification presents benefits and costs,” Dr. Varady concluded. “Anyone who says it is all bad or all good is not contributing to the debate.”

This story originally appeared in the December 20, 2013 print edition of the Cincinnati Business Courier. You can view that story online for additional comments and discussion. UrbanCincy readers can take advantage of an exclusive premium digital Business Courier subscription that includes access via the web, smart phone or tablet applications for just $49 per year.

Categories
News Transportation

VIDEO: Biking from Cincinnati’s Fountain Square to the Ohio Statehouse in Columbus

In September 2009, UrbanCincy’s Jake Mecklenborg biked from Cincinnati’s Fountain Square to the Ohio Statehouse in Columbus.

The ride documents the state of bike paths, or stretches of roadway, between the two cities. The approximate 125-mile journey relies heavily on the Little Miami Scenic Trail. But as Jake experienced, the usage of the trail drops off significantly once you get out of the city.

Another issue experienced during the ride was the lack of trail or dedicated bike facilities heading into Columbus.

One of the other trails that Jake partially uses on the trip is the Ohio River Trail, which is still under development. Officials with the City of Cincinnati continue to make progress on new segments of that trail, but it is still a ways off from its completion of connecting the Little Miami Scenic Trail with Smale Riverfront Park in downtown Cincinnati. Future extensions of the trail would bring it even further west along Cincinnati’s waterfront.

The City of Cincinnati is also studying a new dedicated bike lane along Delta Avenue that would lead to the Ohio River Trail. Those that are interested in weighing in on that project can do so by voting for your preferred design option online.