Hamilton buying another property on Main Street to help apartment development

Hamilton City Council on Wednesday authorized the purchase of a vacant lot at 340 Main St. for $100,000 to assist in the development of the approximately 70 apartments and four retail spaces that developer Jim Cohen plans for that block.

The property is owned by Douglas A. Lakes and the Butler County Auditor’s Office in 2020 valued it at $13,770.

“The city is interested in acquiring the parcel to allow for the expansion of the proposed development,” said Tim Werdmann, the city’s director of internal services.

Council also approved the purchase of other properties, for other nearby development, at 24 and 30 N D St. One reason for that purchase, as previously reported, was for the parking to help serve nearby businesses.

According to county records, Lakes has owned the property since 2006. It previously had been owned by Paul Lakes. The county in 2010 appraised the property, which also had no building on it at the time, at $37,100, and its estimated value has fallen since.

Cohen, of CMC Properties, the same company that developed The Marcum complex of apartments, restaurants and shops downtown.

Cohen recently told the Journal-News he hopes for completion in the spring of 2022, with what will be the first significant residential development along that part of the Main Street business corridor in about a century.

The building will have a roof deck, providing outdoor space for residents, along with a patio or balcony for each apartment.

Cohen said the building will fit in with that area of Main Street, but will have a 21st century “feel to it, and then when you go inside the units, they’re all going to be very modern and very high-design.”

Other apartments have been coming on line as well recently. Atop the Davis building, where the Village Parlor ice cream shop is located, and where Hughes Pharmacy is moving out on Saturday, a dozen apartments were renovated and have been rented. The city has worked with developers to create other apartments along Main Street as well, partly to create customers for stores and restaurants in the area.

The properties on North D Street, will be bought for a combined $192,500 from Nicole Stephenson, who bought 30 N. D St. in April 2003, with the latest purchase price on the property listed at $118,000. She also bought the parking lot at 24 N. D St. for $12,000 in July of 2015.

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