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Success of Hickory Place Townhomes Accentuates Avondale’s Turnaround

A long-held vision for bringing new market rate housing to Avondale is finally being realized; and its early success has surprised many. With most of the initial eight Hickory Place Townhomes already sold, developers say they are ready to invest in a second phase.

“We knew the townhomes in phase one would sell quickly, but sales outpaced our expectations,” said Beth Robinson, president and CEO of the Uptown Consortium.

Robinson says that the first five homes were sold in just 16 days, which is well ahead of the 51-day average for homes on the market in the Cincinnati area. Those first five homes, she says, also had listing prices above $175,000.

When community leaders and development officials with the Uptown Consortium broke ground on eight townhomes in early 2014, many were skeptical about whether they homes would sell.

The skepticism was easy to understand.

The site is located in the middle of a redevelopment area that has yet to be fully realized, is situated in a neighborhood that is often defined by crime and poverty, and is also located near many foreclosed or abandoned homes. But knowing the challenges of the site and project only offers a partial understanding.

The site is located just off of Burnet Avenue, which has seen tens of millions in new investment over the past decade. These investments have created new businesses and jobs, while also preserving some long-time neighborhood establishments and historic assets. Meanwhile, the nearby Cincinnati Children’s Hospital Medical Center has continued to add hundreds of high-paying medical and research jobs to its growing campus, and the nearby playground and ball field was recently freshened up thanks to an investment from the Reds Community Fund.

These new investments, combined with changing demographics more interested in urban living and working options, have set the table for a new path forward for the city’s seventh most populated neighborhood.

“We are thrilled that the market has responded so favorably to the Hickory Place Townhomes,” said Ozie Davis, executive director at Avondale Comprehensive Development Corporation. “The success of this project proves our strong belief that Avondale is the next hot residential market.”

Similar to what has been completed thus far, the $5 million second phase will include eight townhomes with approximately 1,400 square feet of living space, and including two to three bedrooms. In order to maximize the use of the land, developers are only building one-car garages for each home, but they will come with the option of an additional on-street parking space along Northern Avenue.

Listing agents with Coldwell Banker’s Metro Link office say that the prices for these homes will start at $225,000.

Developing homes in this price range within Avondale is intentional. In addition to being the largest black community in the city, Avondale is also one of the city’s poorest. This has led to numerous problems over the years, including schooling options, lack of healthy food options, crime and abandonment.

While neighborhood leaders have shown a strong commitment to bolstering affordable housing options, and improving existing conditions of the neighborhood for longstanding residents, the diversification of income levels and housing options is seen as a positive.

If recent success stories, such as the $40 million Avondale Town Center development on Reading Road, and the massive capital investment to improve low-income housing options, are any indication, then the future of the neighborhood looks as bright and as hopeful as the vision Davis has for it.

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Development News

Uptown Leaders Hoping $2.4M Northern Townhomes Project Accelerates Avondale’s Rebirth

Earlier this month community leaders and City officials gathered in Avondale to celebrate the groundbreaking for eight new market-rate townhomes in the long beleaguered Uptown neighborhood.

The Northern Townhomes project, named after the street on which it is located, is just the latest evidence of a startling transformation that has taken place along the Burnet Avenue corridor over recent years, which has included the construction new office mid-rises, street-level retail and renovation of historic buildings to accommodate new residences.

Much of this transformation has been spurred by the continued growth of Cincinnati Children’s Hospital Medical Center, which has added thousands of jobs since 2000. But that jobs growth, however, has not yet translated into an improved housing market in the impoverished neighborhood. Community leaders are hoping that Northern Townhomes will be the first of many more projects that will work toward improving just that.

“Any community developer knows that the key to smart growth is home ownership,” stated Ozie Davis, Executive Director at Avondale Comprehensive Development Corporation, in a prepared release.

Avondale currently has one of the lowest home ownership rates in the city at just 33%. According to the U.S. Census Bureau, the City of Cincinnati and State of Ohio, respectively, have home ownership rates of 40.5% and 68%.

The realization of this development has taken years, following a community-developed master plan for the area years ago. Correspondingly, the funding for the $2.4 million project also came from a diverse coalition of neighborhood stakeholders including the University of Cincinnati, UC Health, Cincinnati Children’s Hospital Medical Center, Cincinnati Zoo & Botanical Garden and TriHealth.

“The potential for the strong neighborhood revitalization like ours comes from good visioning, smart planning and patience, and this Northern Townhomes project proves that Avondale, Uptown Consortium and the Uptown institutional members have all three,” Davis emphasized.

Project officials say that each of the eight townhomes is approximately 1,400 square feet. Six are two-bedroom residences, while the remaining two have three bedrooms. Additionally, each home has a one-car garage and what the developers are calling tandem on-street parking.

As of now, the expected price point for each townhome is starting at $175,000, and may qualify for a 15-year LEED tax abatement should the developers successfully achieve LEED for Homes Silver certification.

If all goes according to plan, project construction is expected to be completed by fall 2015. After that project officials say that there is room for a second phase of another eight townhomes. The corner of Northern Avenue and Burnet Avenue, meanwhile, is being reserves for another commercial development.

“Avondale is key to the spirit of Uptown Cincinnati, and Avondale community leaders have been a great collaborator and convener as we have work together to revitalize the Burnet Avenue corridor,” concluded Beth Robinson, President and CEO of the Uptown Consortium. “Market rate housing is a fundamental anchor to a diverse residential neighborhood, and we are delighted to have this project be a significant milestone in the Burnet Avenue revitalization.”

Additional residential and mixed-use components remain to be realized as part of the Burnet Avenue corridor master plan, and no timeline has been identified for those elements as of yet.