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 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.