Business Development News

Residential development thriving in historic Over-the-Rhine

Since 2005 hundreds of new residential units have been added in Over-the-Rhine. 100% of the new rental units have been leased, and 74% of the condominiums have been sold. The recent gains became clear in the 2010 Census counts that showed population gains in the historic neighborhood, and development does not appear to be slowing down anytime soon.

While Cincinnati deals with the news from the U.S. Census Bureau that the city lost 10 percent of its population over the past decade, there is positive news from the city’s urban core. The Central Business District had a gain of more than 20 percent, while Clifton Heights, University Heights, downtown Covington and Newport, and portions of Over-the-Rhine saws gains of 10-20 percent.

The news is particularly encouraging for Over-the-Rhine which has seen its population decrease from more than 50,000 people at its peak, to roughly 10,000 people today. The most growth in the historic neighborhood occurred in the areas where the Cincinnati Center City Development Corporation (3CDC) has focused its energies over the past five years.

“The renaissance of Over-the-Rhine continues block by block and building by building,” says Cincinnati Mayor Mark Mallory. “It is clear that people want to live in our urban core and want to be a part of the rebirth that is happening. We are going to continue to restore this historic neighborhood back to a vibrant and active community.”

The next phases of redevelopment in Over-the-Rhine are just now coming to life along Race Street. On Tuesday, March 29 3CDC will gather with the NorthPointe Group and John Hueber Homes to celebrate the opening of Westfalen Lofts. The three previously vacant buildings have been transformed into nine residential units that include townhomes, flats and a single-family residence.

“This is the first development where we have partnered with John Huber Homes,” stated Chad Munitz, Executive Vice President of Development and Operations at 3CDC. “We feel they bring a new look to the historical residential units that we have not yet seen.”

Since 2005, 3CDC has spearheaded the creation of 234 new residential units. Of those 234 residential units, 74 percent of the 182 condominiums have been sold. Additionally, 100 percent of the 52 rental units, with the 32 units in Parvis Lofts being leased in just ten weeks.

Race Street redevelopment photograph by Jake Mecklenborg for UrbanCincy.

By Randy A. Simes

Randy is an award-winning urban planner who founded UrbanCincy in May 2007. He grew up on Cincinnati’s west side in Covedale, and graduated from the University of Cincinnati’s nationally acclaimed School of Planning in June 2009. In addition to maintaining ownership and serving as the managing editor for UrbanCincy, Randy has worked professionally as a planning consultant throughout the United States, Korea and the Middle East. After brief stints in Atlanta and Chicago, he currently lives in the Daechi neighborhood of Seoul’s Gangnam district.