Monday, November 12, 2012

Just opened, the Reserve at 4th and Race 93 percent leased

Downtown Cincinnati officially got a new living option last Thursday with a ribbon-cutting at The Reserve at 4th and Race, an 88-unit apartment redevelopment by Ashley Commercial Group and Arcadia Communities.

Built in 1927 and listed on the National Register of Historic Places as part of the City's West Fourth Street Historic District, the 15-story former office building once housed the Chamber of Commerce and later the Federal Reserve Bank of Cleveland, which vacated the space in the early 1980s.

By the time the project began in 2010, the building was only 20 percent occupied. Now, The Reserve's one- and two-bedroom apartments come in 21 floor plans and are priced between $950 and $2,950 per month. Amenities include high-end finishes, open floor plans, oversized windows, an in-house fitness center, and a rooftop sun deck and bar with sweeping views of the Ohio River.

"It's a very unique project, and one that our group is extremely proud of," said Brian Durbin, president of Arcadia Communities. "This building has a lot of character. It's got a lot of history. For our group to bring it back to prominence and to really kind of bring life back to a building that for many years had become nearly's just very exciting for all of us to be a part of."

"We have so many historic buildings, so much historic character in those buildings," said Mayor Mark Mallory. "I'm particularly excited that the historical heritage of this building has been maintained."

The project has applied for LEED certification through the U.S. Green Building Council.

"You're taking something that's 86 years old and giving it the highest standards of eco-friendly design techniques," Durbin said. "That's certainly not an easy task, and one that we took great pride in. As you'll see, we've really worked hard to try to merge the history – and preserve the history – but also to bring a contemporary look and feel. I think that's what people are finding so desirable about the project."

Eighty-two of the units have been leased, which Downtown Cincinnati Inc. President and CEO David Ginsburg said will add to the vibrancy of Downtown.

"It's great to have more people living Downtown," Ginsburg said. "It creates more demand for stores, more demand for services."

City Manager Milton Dohoney echoed Ginsburg's remarks on Downtown's momentum.

"The bottom line is the City continues to move forward project by project, and if a month or two goes by and you wonder what's going on in the City, rest assured that there is a deal or two in the works," Dohoney said. "Because this is a renaissance period for our City. When we look back on it ten or 15 years from now, this period will be marked as a turning point in this City's development."

Photos courtesy of The Reserve at 4th and Race

Previous reading on BC:
State grant for Federal Reserve subject of public meeting (8/2/10)
Federal Reserve, Metropole win state tax credits (6/28/10)
City supports redevelopment of former Federal Reserve Building (3/23/10)