New OTR townhomes planned at 15th, Elm cincinnati.com/story/money/2015/06/04/new-otr-townhomes/28459139/
Bowdeya Tweh, email@example.com Published 6:20 a.m. ET June 4, 2015 | Updated 1:55 p.m. ET June 4, 2015 (Photo: Provided/Towne Properties) Seven townhomes could be built near the intersection of 15th and Elm streets in Over-the-Rhine as part of a development plan from Towne Properties. Mount Adams-based real estate developer Towne Properties sees the opportunity to add for-sale housing in the neighborhood that has already seen substantial investments in property in the last decade, said Chad Munitz, a development manager at the company. The townhomes would have three bedrooms and 21/2 bathrooms and offer about 2,800 square feet of space, said Munitz, who joined Towne earlier this year after leaving one of the top positions at the Over-the-Rhine-based private nonprofit developer Cincinnati Center City Development Corp., or 3CDC. The interior space total includes the basement, which will be partially finished yet homebuyers will be able to use it. The starting price per unit: $650,000. "Towne Properties has always had interest in the urban core and had been looking for opportunities to build some fee-simple homeownership product," Munitz said. "It's something that's doing well and something we thought we could have a market advantage." 3CDC currently owns the property Towne wants to develop, but the Mount Adams company has a plan to buy land between 1501 Elm St. and 1515 Elm St. 3CDC acquired the property in 2010. If Towne obtains the necessary approvals, development work could begin late this summer and be completed in spring 2016. Those approvals include getting the blessing of the city's Historic Conservation Board and city officials approving a zoning change for the land. A preliminary design review for the project is scheduled Monday with the Historic Conservation Board. Munitz said the half-acre site made sense for Towne because it offered the opportunity to do new construction, provide homeowners a more open floor plan, backyard green space and detached single-car garages. The Elm Street Townhomes development would be Towne Properties' first project in Over-theRhine since its founding in 1961. It's also the first townhomes Towne has built in Cincinnati's urban core since properties were built on Riverside Drive several years ago. 1/2
The firm's pricing strategy reflects the cost of construction and site development and what the market will bear, Munitz said. Munitz said the townhomes' interior design would have a similar layout to Towne's Beacon Hill development near Deerfield Town Center. Building exteriors and the site's design will be respectful of the Over-the-Rhine neighborhood and its character.
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