Luxury townhomes, condos coming to downtown Cincinnati: EXCLUSIVE bizjournals.com/cincinnati/news/2018/02/22/exclusive-luxury-townhomes-condos-coming-to.html
A real estate development and construction company has started work on luxury townhomes and condominiums in downtown Cincinnati. Ashley Commercial Group has started construction on a residential development at the northwest corner of Fourth and Plum streets called the Derby on Plum. Bill Kreutzjans Jr., managing partner of Ashley, said he had been talking with Elevar Design Group, which has its headquarters in the southern building until it relocates to Queensgate, about a potential conversion when the architecture firm decided to move. “There’s strong demand in the urban core for condos,” Kreutzjans told me. The Derby on Plum will include three townhomes, six residential condos, a street-level commercial condo and a parking garage. The three, two-story townhomes will be built above the existing building at 413-417 Plum St. The first floor of that building will have 17 parking spaces with all but one residential unit getting two parking spaces. The Derby Building, located at 300 W. Fourth St., will be converted to six condos on the second and third floors, with the first floor as a commercial condo. In total, the Derby on Plum is expected to be a nearly $6 million project. The original M.H. Derby Building was designed by famed architect Samuel Hannaford in 1863. This building will connect to the one to the north with a green, pet-friendly courtyard. Kreutzjans said the ability to provide on-site parking made this property attractive as a for-sale project. “It’s a little more laid back than some other areas for town,” Kreutzjans told me. “It’s a great area for ownership.” The condos will all be one story, ranging in size from 1,150 square feet to 2,520 square feet. The townhomes will be more than 2,800 square feet. The condos are designed with open-concept living areas, large master suites and large windows. 1/2
The townhomes will range from just more than $785,000 to nearly $798,000. The condos will range from $348,740 for a one-bedroom, 1.5-bathroom unit to $685,000 for the largest twobedroom, 2.5-bathroom unit. The first-floor commercial condo, which has more than 7,800 square feet of space, is listed for $575,000. The main living area for the townhomes will be on the level above the parking garage. This space will include the kitchen, living room, dining room, family room and a breakfast nook. Plus, there will be large roof decks on the east and west side of the townhomes. The second level will include a large master suite with two walk-in closets, two more bedrooms, a full bathroom and a laundry room. The condos will be LEED Silver, offering a 10-year tax abatement on up to $400,000 improved market value. The townhomes are expected to be LEED Gold, which would provide buyers with a 15-year tax abatement on up to $562,000 improved market value. The finishes at the Derby on Plum will include quartz countertops, tile backsplashes, hardwood floors, tankless water heaters and tall ceilings. The townhomes will have dumbwaiters, so residents can bring their groceries in from the garage without having to lug them upstairs. Ashley Commercial Group will be the developer and builder for the Derby on Plum. Elevar Design is the project architect. Green Building Consulting is the Leadership in Energy and Environmental Design consultant. Lisa Dunhouse with Comey & Shepherd Realtors is the listing agent for the Derby. Stock Yards Bank is providing financing for the project. An affiliate of Ashley Commercial Group purchased 415-417 Plum St. in July 2017 for $450,000. It acquired 302 W. Fourth St. in November 2017 for $950,000, according to property records. Ashley looks to have the Derby on Plum completed in early 2019. “It’s a unique product that I think is going to be real exciting to give an opportunity to live downtown and have parking and outdoor space,” Kreutzjans said.
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