High Profile $35M Hyde Park Condo Building Officially Topped Out

The corner of Observatory and Shaw Avenues now looks much different than it did a year ago. Yesterday, development of 2770 Observatory, a 30-unit luxury condominium project by Greiwe Development officially topped out with a ceremony at the site. The project, which we reported on back in May of 2014, has transformed the corner with the demolition of several apartments that were formerly on the site.

At the ceremony, Mayor John Cranley (D) marked the occasion by proclaiming November 10 “Hyde Park Landmark Day,” recognizing the neighborhood’s historical charm, signature places and 2770 Observatory’s place as its newest landmark. The $35.5 million modern four-floor structure will stand as a gateway to the neighborhood with future residents just steps from Hyde Park Square.

With 16 of the 30 units pre-purchased, the development is expected to sell out before it opens in summer 2016.

Topping Out ceremonies are a Scandinavian custom dating back to 700 A.D. thought to bring good luck to future occupants. After remarks from project developer Rick Greiwe and Mayor Cranley, the event concluded with the traditional raising of an evergreen to the top of the building’s newly completed wooden framework.

2770 Observatory is the fifth Greiwe lifestyle development in the Cincinnati area since the grand opening of Mariemont’s Jordan Park in 2008. In October, Greiwe, with a group of developers known collectively as Gateway Partners LLC, was selected to develop a 12-acre site adjacent to downtown Montgomery, where he will build high-end condominiums as part of an urban in-fill village.

“We choose to build our projects in neighborhoods where dining, shopping and entertaining are within one block of the resident’s front door,” said Rick Greiwe, principal of Greiwe Development in a prepared statement, “Hyde Park Square is the ideal location for one of our developments. It’s in demand and draws people from around the whole city. I’ve been watching it for sometime — waiting for the ideal site to become available, and this is absolutely it.”

2770 Observatory features three bedroom and two bedroom units with large foyers and open entertaining areas. With 10-foot ceilings and 8-foot windows, the units range in size from 1,915 to 4,675 square feet. Each unit has its own balcony or patio. The building has an underground parking garage, and a resident pathway leads from Linshaw Court to Michigan Avenue and Hyde Park Square. Prices range from $700,000 to $2 million.

Developer Seeking Support for Six-Unit Columbia Tusculum Townhome Project

The developer responsible for building “Cottage Hill” along Columbia Tusculum’s Strafer Street is now seeking the community’s approval for a six-unit townhome project.

On Monday, Gary Osterfeld presented to the community council what he called “very preliminary” sketches for the attached buildings at the bottom of Strafer Street – along Columbia Parkway – which would likely be around 1,900 square feet apiece and could be either apartments or for-sale homes.

The site is currently undeveloped and is used as a small community gardening space. If he pursues the project, Osterfeld will be seeking a zoning variance from its current zoning classification of community commercial-mixed to residential mixed, as it would have no commercial component.

“The commercial market in Columbia Tusculum is not real good, despite what people may think,” he said. “The problem is, relative to the number of people, there’s more retail than there is need for it. There’s already more retail than there is people; so in order for businesses to come in there and be enough demand and for the businesses to be profitable, we need more people.”

Osterfeld also told the community council that Al. Neyer’s Columbia Square, which is located directly across Columbia Parkway from his proposed building site, took five years to fill with tenants. He also said that he’s been trying to market his site for about the same amount of time but “hasn’t had a single serious call”.

The site is also challenging because of its steep slope and six-foot retaining wall, which Osterfeld said the City would likely want to keep in place.

“The idea of the zoning in place – what they would like to see – is they would like to see retail on the street level, so that people can walk in the shops like Hyde Park Square or Oakley Square – or like most squares – and the upstairs is residential,” he said. “The problem with that is you don’t see hills in Hyde Park, Mount Lookout, Oakley. The other neighborhoods you don’t see built on a hill like this. So the topography does not lend itself well to what the City’s insisting be there.”

The earliest the project could begin is this fall. Price points are expected to start in the mid-$300,000s, based upon what Osterfeld has seen of the local market.

“My guess is that it’s probably going to be a younger, more transient market,” he said. “There’s going to be a lot of steps, the price point’s not going to be like [the Cottage Hill development on] Strafer. I think that Strafer started out in the upper 3’s [$300,000s] and ended up in the upper 6’s [$600,000s]. I don’t see that happening. But we’re designing it to try to accommodate anybody. We’re going to be as flexible in our design as we can.”

Osterfeld said he plans to keep the neighborhood notified as the proposal navigates the maze of design, variances and permits.

“The City would like to have neighborhood support and neighborhood cooperation, as would I,” he said. “Your interest is what’s good for the community. So, I’m trying to help with that.”