Real Estate Investors Excited about Cincinnati’s Price Hill Revitalization Kick-off

Much to the delight of area real estate investors, Cincinnati’s Price Hill area is coming back, with the kick-off of a major renovation project at The Elberon.

Local business leaders including Cincinnati, OH’s vice-mayor Roxanne Qualls, elected officials and developers celebrated a construction kick-off at The Elberon, a landmark building at 3414 W. Eighth Streets in the East Price Hill area of Cincinnati, on Wednesday, February 23, 2011.

The Model Group, in partnership with non-profit community developer Price Hill Will, purchased the 25,400 sq. ft. building late in 2010 with plans to develop it into 37 one- and two-bedroom, high-quality apartments for seniors, while preserving one of the area’s most historical and architecturally-beautiful buildings.

The $7.4 Million project is being funded in part from Federal housing dollars and the City of Cincinnati. It is expected to be completed February 2012.

“The rebirth of this highly-visible structure will send a strong message that The Hill is alive and thrives,” said Ken Smith, executive director of Price Hill Will.

Two projects near Elberon under way also

Additionally, two other projects are under way within blocks of The Elberon: the multi-million dollar Incline District, which will include apartments, offices and a restaurant, and the Price Avenue development plan.

Decided turnaround in East Price Hill property values

For real estate investors, these projects will most likely mark a decided turnaround in property values in this up-and-coming area.

“Not too long ago we recommended that our real estate investors seriously look at this area of Cincinnati as a potential moneymaker,” says Chad Doty, principal of 37th Parallel Properties. “Now, with this revitalization actually happening, they are thrilled with their investments in the area surrounding The Elberon.”

Green Communities project

The Elberon is a four-story early 1900s historic building located in lower Price Hill, Cincinnati. The project will include a complete renovation of the building, including a new elevator and layout reconfigurations to form 37 units of affordable senior housing. It is also developed with CityStudios who developed it in accordance with the sustainable design principles of the Green Communities initiative. In addition to interior renovations, the project provides extensive exterior imjprovements including landscaping, additional parking, and a community garden for use by residents and the surrounding neighborhood. Two homes adjacent to The Elberon will be demolished to make room for the garden and parking areas.

Price Hill looks forward to revitalization

For decades, The Elberon was a premiere address, but then the property fell into disrepair, becoming a haven for drug dealers and a hotspot for crime. It became known as the “White Elephant,” “Price Hill’s Alamo,” or more kindly as “that building at 8th and Elberon.”

At its peak, the lower East Price Hill area had stores, transportation, and glorious apartments. Looking at the building today, with its balconies, columns and arches, one can imagine what life was like.

The project reflects an ongoing police and community effort to revitalize the entire community. As of today, it is on track to regain its former glory.

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