Thursday, October 16, 2008

Walnut Street buildings sold to group that includes Urban Sites

A new group of owners including some from Urban Sites Properties has purchased 1435-1443 Walnut Street in Over-the-Rhine and has started making improvements on the 13-unit rental property.

The property became available when the City modified a loan agreement with Big Dog Properties, allowing the owners to sell the buildings.

Although Big Dog Properties claimed that they needed to sell the buildings because they had been operating at a loss and had only achieved slightly above 50 percent occupancy since rehabilitation of the buildings started in 2002, the new owners expect full occupancy by year end.

"We have 2 vacant rental units in all of OTR," says Greg Olson, chief operating officer of Urban Sites Properties. "That is a testament to our cool spaces, Kris Sommer’s sales ability, and the splendor of the Q and OTR!"

The buildings are moderately priced between $500 and $675 a month and come with off-street gated parking.

"Our target of young professionals, students and urban hipsters should find a good value, easy transportation options and good services at their fingertips," Sommer says.

Sommer says that the Walnut Street properties are a nice example of urban living.

"They have steel highlights in open spaces, hardwood floors, exposed brick and more," he says. "The buildings are in a good position - the north section of Walnut, opposite the redeveloping Grammers, next to some of our already developed properties - and is a great welcome to Walnut as one drives south."

He adds that this property is another in a long line of projects that is tying the neighborhood's living options together.

"There's a strong link from Sycamore, Main, Walnut and (soon) Vine," Sommer says. "The neighborhood north of 14th is in good hands with a few good developers both large and small."

The purchase price was $450,000, which Big Dog Properties will use to pay off a loan from the Cincinnati Development Fund, fees, and past due taxes.

Previous reading on BC:
Loan forgiveness allows Big Dog to sell OTR properties (9/17/08)
Developer wants out of City loan, sale of Walnut Street properties (9/9/08)