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.

Pogue’s Garage to Make Way for 30-Story Residential Tower, Grocery Store

Cincinnati City Manager Milton Dohoney briefed City Council’s Budget & Finance Committee of the specifics of a plan to modernize and lease some of the city’s parking assets. Part of the immediate $92 million infusion, as part of the plan, would be used to spark the redevelopment of Tower Place Mall and Pogue’s Garage.

Dohoney stated that the vacant Tower Place Mall would be converted into a 500-space parking garage, with 20,000 square feet of street-level commercial spaces fronting onto Race and Fourth Streets.

“Residential is a huge factor in the ability to attract and retain retail, but what retail really wants is customers,” explained David Ginsburg, President/CEO of Downtown Cincinnati Incorporated (DCI), with regards to the state of the center city’s retail scene.

285333_10151760214824698_747240426_n Pogue's Tower
The City of Cincinnati has struck a deal that would tear down the crumbling Pogue’s Garage and replace it with a mixed-use residential high-rise. Renderings provided.

To that end, the adjacent Pogue’s Garage, as part of the project, would be torn down and the site rebuilt with a 30-story mixed-use tower with 300 luxury apartments, 1,000 parking spaces, and a 15,000-square-foot grocery store.

The reconstruction of Tower Place Mall, city officials say, would be overseen by JDL Warm, and would begin as early as fall 2013. The redevelopment of the Pogue’s Garage site would be overseen by Flaherty & Collins, which would be funded with $82 million in private investment and $12 million from the City through its new parking lease.

Project officials say that all of the financing is in place, and a new-to-market grocery store has been secured for the new mixed-use tower.

The new tower’s contemporary architecture would contrast the historic high-rises flanking it along Fourth Street, and would dramatically change the street’s landscape.

One other component of the project requires the developer to also build the planned 725-space parking garage on Sycamore Street, which is adjacent to the proposed 200-room Holiday Inn & Suites.

A timetable has not yet been set for the $94 million project, but work would seemingly be able to begin as soon as the proposed parking lease is approved by City Council. The City of Cincinnati and DCI are currently working with Paragon Salon regarding its space in the Pogue’s Garage. No details have been shared, but Paragon’s lease runs through 2017.

“We need to make sure that everything is working all the time on all cylinders,” Ginsburg told UrbanCincy with respect to the hierarchy of needs for downtown investment. “If I were to get a bumper sticker for my bicycle or my car it would just be one word – more. Downtown needs more residents, it needs more businesses, it needs more workers, it needs more diversity.”

Month in Review – October 2010

It’s hard to believe that the month of October is already behind us!  UrbanCincy’s top 5 most popular articles for the month were:

  1. Over-the-Rhine is not one of nation’s most dangerous neighborhoods
    Walletpop.com caused a large stir in the local media when they announced that a portion of Over-the-Rhine was “the most dangerous neighborhood in America.” Following that proclamation, UrbanCincy analyzed the data and released its own response to what appeared to be a suspect report.
  2. A strategic residential plan for Cincinnati’s center city
    What has long held back Cincinnati has not been a lack of tourists, commerce, or entertainment, but rather it has been the lack of a critical mass of residents. The lack of this critical mass is what has prevented the CBD from attracting everyday retailers, groceries, affordable dining, and later evening hours for all of the above.
  3. Induced Traffic Demand Works Both Ways
    There is a popular saying that circulates in urban planning circles: “Widening roads to solve traffic congestion is like loosening your belt to cure obesity.” Planners have shown over the past few decades that adding lanes to roads, while temporarily increasing flow, does little to address congestion because over time traffic demand continues to climb.
  4. Google updates aerial imagery of Cincinnati region
    Google has updated its aerial imagery for several major cities throughout the United States including Portland, Washington, D.C., and Cincinnati. The new imagery appears to have been taken over the summer.
  5. Local carsharing program may soon get rolling in Cincinnati
    The idea for carsharing comes from a growing number of people either going car-free or car-light. Nationally, the percentage of 16-year-old drivers with licenses has decreased from 41 percent in 1996 to 29.8 percent in 2006, and in Ohio that number has dropped five percent since 2000 alone according to the state Department of Public Safety and U.S. Census Bureau.

We also urge you to read UrbanCincy’s Q&A with the candidates for Hamilton County Commissioner before heading to the polls tomorrow.