Before any ground is broken or walls are repaired, however, the developer needs to complete assembling its capital stack. Part of the financing includes $3.5 million in Ohio historic tax credits announced in December.
“We have three or four lenders that are engaged, and we’re working on the tax credit investors to get those folks lined up,” said Ken Schon, partner at Bloomfield/Schon, adding that after securing financing, the company can finalize the estimates for the construction. The goal is to begin construction this fall.
Credit: Nick Graham
Credit: Nick Graham
“We’ve had preliminary estimates over the years, and now it’s time for everybody to really step up. (We’re) anticipating some increases due to inflation and tariffs we’ve all been hearing about. Hopefully, things are relatively modest, the increases, but we’ll know in the next month or so.”
Bloomfield/Schon has a growing portfolio of projects, which includes its first, the former American Can Factory in Cincinnati’s Northside neighborhood now known as the American Can Lofts. They also redeveloped the former Peters Cartridge Factory in Warren County, now a facility with more than 130 apartments in Maineville.
Commonly known as the Shuler-Benninghofen project, the plans call for 91 of the 125 apartments to be one-bedroom units, but there will also be two-bedroom, three-bedroom, and studio units.
The price points for the apartments would range widely, from as little as $600 a month for a 400-square-foot unit to something in the 2,000-square-foot range for around $2,700 a month. That range includes one-bedroom and two-bedroom units, lofts, and four two-story apartments similar to townhomes.
Credit: Michael D. Pitman
Credit: Michael D. Pitman
The ground floor will include 7,000 square feet of commercial space and nearly 250 parking spots — 14 of which will be designated for the retail locations, well above the minimum required.
Bloomfield/Schon’s plans also call for community greenspace, and some of those parking spaces will be for the community.
Those would be the final steps before getting permits from the city, which is all pending council approval at the June 25 meeting.
“We’re not to the goal line yet, we’re very, very close, we’re all very excited,” said City Manager Craig Bucheit, emphasizing the developer’s “willingness to work with us, to hear the community, to add greenspace, to add public parking.” “Those things will make a difference to the community and are very valuable to the community.”
Vice Mayor Eric Pohlman said the development will “be a big shot in the arm” for the Lindenwald area.
“That area really needs this project,” he said. “What you do there will transform that whole area.”
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