City West Development has revolutionized the West End

The largest housing project in Cincinnati since World War II is on the cusp of completion.
City West, which includes 686 rental units, 211 for-sale homes, 20,000 square feet of retail space and a park on 14 acres of land, has transformed the blighted, low-income area of the West End into a mixed-income development that is breathing new life into the region.

"We have put a mark on the city of Cincinnati map," said Dale White, president/CEO of D.A.G. Construction Co. Inc., the general contractor for the project. "Crime has gone down a lot, more people are moving into that area and new houses are being sold."

Construction started on the project in 1999, with the award of $66 million in grants under the federal Department of Housing and Urban Development's Hope VI program.

"Blight, litter and crime are significantly better," said Pete Witte, a board member of the Cincinnati Metropolitan Housing Authority, which owns City West. "We scraped the earth and built all-new."

Before the City West development, the area it sits on was home to 1,800 units of public housing. The units, built in the 1940s, were outdated, with small rooms, common hallways and interior courtyards. Former Cincinnati City Council member Jim Tarbell said the tenants of those homes were economically mixed when they were built, but it devolved into mostly non-working, welfare-dependent tenants over the years.

Changed atmosphere

"City West is the most dramatic example where we are making an attempt to correct the planning mistakes we made in World War II," Tarbell said. "We're trying to compensate for those mistakes, and it's critical because of what it is, where it is and how much money was spent."

Gone are the small, cramped units, replaced with townhomes complete with separate entrances and garages accessible by a private access alleyway.

The atmosphere is changing.

"There is now a park, Laurel Park," said Lindsay Wilhelm, marketing director for D.A.G. "It was used for buying, selling and using drugs. Now it is a park where kids go out and play."

White said there is a mix of low,- middle- and high-income residents living in the development.
"The yuppies have moved in," he said. "The houses are selling at around $175,000. That's unheard of in the West End."

Tarbell said the biggest challenge facing City West is filling the retail space and having enough people living in the area to support it.

"It's drastically better than it was, but is it as good as everybody had hoped? Not yet," Tarbell said.

In the Oct. 19 issue of the Business Courier, Lou Mitch, the top local official for City West developer The Community Builders, said it was better than 90 percent occupied.

Witte said the commercial side hasn't been going as well as planned. "Once it all comes together and we fill the commercial space, it will create a good neighborhood for the city of Cincinnati," he said.

Lifestyles
• Construction on City West began in 1999 with $66 million in grants.

• Crime was a major neighborhood concern. In 1999, police got 13,559 calls. There were 932 Part 1 crimes, such as murder, rape, aggravated assault, auto theft and larceny.

• In 2007, there were 10,952 calls to Cincinnati police and only 657 Part 1 crimes, a drop of 20 percent and 30 percent, respectively.

• Commercial space houses a PNC Bank and plans call for an ice cream parlor and small grocery store.

• City West reduced the community's density to 897 housing units, down from 1,800.

Keystone Parke - New Development at the Dana Exit off I-71

As the first building in the $100 million Keystone Parke project conspicuously rises at Dana Avenue and Interstate 71, its developers hope the campus takes root at another intersection, this one theoretical: where classical and urban design meet the forward-thinking and eco-friendly approach of the Leadership in Environmental and Energy Design rating program.

"Neyer (Properties Inc.) wanted to tap into the urban Cincinnati market, and we tried to contemporize that urban setting with a campus feel," said Jason Williams, principal with PDT Architecture/Planning/Interior Design, which designed Keystone Parke. Equally important, he said, is that Neyer is seeking Silver LEED certification for all the campus buildings from the U.S. Green Building Council. Such recognition requires that buildings earn points in categories from energy and water efficiency, to sustainable construction, and use of materials and resources.

The project's master plan includes three buildings with a total 465,000 square feet of Class A offices, a four-story public parking structure and space for a restaurant and retailers. A fourth building, where the Cincinnati Area Chapter of the American Red Cross has said it will establish its headquarters, is also in the planning stages.

The entire Keystone campus is in the city of Cincinnati. It's being sold as a perfect spot for companies that don't want to leave the city yet aren't interested in being in the downtown area.

"The highway visibility and convenience to downtown is extremely important," said Bill Schneller, vice president at CB Richard Ellis, the leasing company.

The first building will house Neyer's headquarters. The four-story, 65,000-square-foot structure is the smallest on site and is street-level and approachable.

"We opened up the building so there was a connection to the park and the center courtyard in order to encourage people to get out and mingle," Williams said.

The designer "took clues" from the classical architecture of downtown, he added. The windows serve not only to make the building appear modern but also to provide natural light.
Future phases will rise higher, with the second building at seven stories, 160,000 square feet, and the third at 10 stories, 240,000 square feet. "It is that way so the eye is drawn up through the park," Williams said.

Charlie Pond, Neyer's director of building development, said the company is using recycled materials throughout construction as well as paints and coatings that contain minimal volatile organic compounds (VOCs), which have been the target of the green movement because of way they contaminate air, particularly indoors.

The green focus is largely about educating the community about efficient office construction, Pond said. "We feel this region of the country does not yet really understand how it can be done affordably."

Keys to Green
• Keystone Parke includes a landscaped boulevard, park-like area and a hiking and biking trail.

• A second building will break ground by early 2009. The schedule for future buildings will depend on the market.

• Evanston Playfield will get an upgraded swimming pool and athletic facilities.

Home-sales Slide Continues, Region in Step with the National Pace

Home sales took another deep dive across the region in March - falling nearly 20 percent compared with the same month in 2007, according to data from local boards of Realtors.
All told, 2,072 homes were sold last month in Southwest Ohio, Northern Kentucky and Southeast Indiana - a decline of 19.6 percent over March 2007 sales activity.

The region's average sale price for a home also dipped in March, dropping 3.3 percent to $164,541.

Year-to-date through the end of March, home sales were down 17.1 percent and the average price dropped 4.7 percent to $165,281, compared with the same period of 2007.

The local decline was in step with the national average sales pace. Sales were off 19.3 percent in March across the U.S., according to the National Association of Realtors.

The median sales price - the point at which half the homes sell for more and half sell for less - also slipped nationally last month, falling 7.7 percent, to $200,700, over last March, according to the NAR.

Locally, Greater Cincinnati saw the greatest decline in median sale price, with a 4 percent drop to $129,650 in March, according to the Cincinnati Area Board of Realtors. The local industry trade group collects data representing roughly 80 percent of the region's market.
Year-to-date through the end of March, the median sale price in Greater Cincinnati fell 6.8 percent to $123,500.

In Northern Kentucky, the median price remained relatively unchanged in March at $137,000.
Year-to-date through the end of March, the median price dropped 1.7 percent to $135,000, according to the Northern Kentucky Multiple Listing Service. Median prices were not available for the Indiana market.

Across the nation and locally, Realtors and housing officials have begun calling for home-buyer tax credit programs to help boost the slumping housing market. Despite interest-rate cuts, a new set of lending problems has emerged in some parts of the country in light of the fallout of the subprime lending crisis, NAR president Richard F. Gaylord said. "It appears there is some overreaction on the part of some lenders now in requiring higher down payment percentages than may be necessary," he said.

However, Karen Schlosser, president of Cincinnati Realtors' group, said that doesn't seem to be the case locally. However, she said, "There's no doubt that there's been a change in underwriting guidelines to correct the situation that had been occurring, and to me it's been a very responsible move on the lenders' part."

With the spring home-selling season under way, Schlosser said the local market remains favorable for buyers.

In March, the Federal Housing Administration approved new lending guidelines - raising the maximum FHA lending amount for a single-family home to $337,500 from $256,500.
"Local buyers have a threefold window of opportunity: an ample supply of homes for sales, attractive home prices and low mortgage rates," Schlosser said.

"Fence-sitters who wait too long may lose some of that opportunity."

See the original article at:http://news.enquirer.com/apps/pbcs.dll/article?AID=/20080423/BIZ01/804230377/1076

First Time Buyers' Dos and Don'ts

If you are a first time home buyer, you have a lot to learn.

Working from a blank slate you must build an understanding of the housing market, determine what you can afford, land a loan and hone in on a home that's a good fit for your lifestyle.

The transaction will likely become your largest asset ever so there's little room for error.
It is a daunting task, but you can ease your concerns if you take the process step-by-step, watching your footing as you move along the path toward the American Dream.

This list focuses on areas first-timers typically stumble over in their initial home buying attempt. Knowing what you could face will help you avoid some of those trip ups.

The Dos

DO browse for housing information. Begin your search by arming yourself with information. For example, Coldwell Banker's the Home Price Comparison Index allows you to compare average housing costs in over 400 U.S. markets. RealtyTimes Market Conditions gives you a snapshot of thousands of local markets. About.com's Home Buying/Selling section is chock full of the nitty gritty insight you'll need to get going. Stick with the known, long-time real estate information Web sites and you'll learn more than you need to know.

DO examine your credit standing. You need to know your credit standing. You may need to request corrections if there are errors. You may need to adjust your habits if your credit behavior is less than sterling. And you need to take those steps before seeking a loan. Your credit report is free from AnnualCreditReport.com, the federally regulated place to go. You can stagger retrieval of your credit report from each of the big three credit bureaus, getting one from a different agency every four months. Your report is free, but you may have to pay a nominal fee for your credit score (a numerical scoring of your creditworthiness) depending upon your state law and other factors. Learn more about your score at Privacy Rights Clearing House.
DO explore a mortgage pre-approval or commitment. An early green light on a loan will put you in a good negotiation position when you find your dream home. It will also help you shop within your budget.

DO line up a dream team of professionals. You may need a real estate agent, attorney, mortgage broker, home inspector and others to be your professional eyes during your home search.

DO buy for your lifestyle. Your first home may not be your last, so try to anticipate how long you'll live in your home and buy based on plans for the duration. Raising kids, starting a business, taking on a new job, housing Grandma could all impact the size or type of home you need first.

DO heed housing priorities. Separate your "wants" from you "needs" so you know where you can compromise to stay on budget.

The Don'ts

DON'T get taken by the first house or neighborhood you see. Keep an open mind and spend sufficient time finding the right fit in a house and neighborhood for your needs.

DON'T buy more than you can afford. Lenders will often loan you as much as your financial condition warrants, but that may not be what you can comfortably afford. It's better to live with a comfortable mortgage on a smaller home than to struggle every month paying a mortgage on a house with more room than you really need. The down payment, closing costs, monthly expenses and taxes must in total all be within your income and savings range.

DON'T treat your home like a stock portfolio. Homes appreciate and depreciate in cycles which often aren't so predictable. Don't expect your home's value to skyrocket. Buy a home because you need a roof over your head, not for a quick profit.

DON'T try to time the market. Pinpointing the bottom of the market almost always happens after the market has started to turn up. How, otherwise, can you see the bottom? Focus on personal lifestyle needs, not market trends, in terms of timing your home buy.

DON'T sign for a confusing mortgage. Shop around for the best loan, read every detail of your loan contract and get some help understanding terms and provisions that confuse you. Avoid exotic, "creative financing," multi-option loans you don't understand. Again, lifestyle is key. Get a loan that fits.

Neyer Corp. Looks to give Middletown a Makeover!

Al Neyer Inc. recently purchased a 60 acre plot along Interstate 75 in Middletown, OH. Plans are to develop up to $100 million in office space, shopping, and residential properties. The acerage is located in the Renaissance district of Middletown, across Union Road from the new Atrium Medical Center.

Al Neyer has already sold about eight acred to Herry McClain Cos., who is a developer with interests in building a 100-bed assisted living facility in the area.

Keep an eye out for this area's emergence.

Seriously?!?! The Banks Project in Cincinnati is for real?

Ground has been broken on The Banks, an 18-acre, $600 million mixed-use development on the Ohio River in Downtown Cincinnati. The initial part of the project’s first phase consists of about 300 apartments and 70,000 square feet of retail and restaurants; construction is scheduled for completion in 2010.

A spokesperson for the project told CPN that there is no retail preleasing yet, and that the retail will focus on “eatertainment” and on support retail for the residents.

The Banks’ master developer is Riverbanks Renaissance L.L.C., a joint venture of Carter & Associates Commercial Services L.L.C. and The Dawson Co., both of which are headquartered in Atlanta. The two companies will also handle project management for the construction of additional public infrastructure. The $74 million needed to finance Phase 1A will be provided by a $40 million senior debt financing commitment from National City Bank, a $10 million debt financing commitment from the Cincinnati Equity Fund, $12 million in equity funding led by Carter, Dawson and their investors, and $12 million in grant funding from the City of Cincinnati and Hamilton County for the residential portion of the project.

Subject to contingencies, the second part of Phase I will include an office building of at least 200,000 square feet and possibly a hotel. The private investment for phase 1B is estimated at about $75 million. Although the particulars of subsequent phases remain flexible, they could total 1 million to 1.8 million square feet of apartments and residential condos; 200,000 to 1 million square feet of office space; 200,000 to 400,000 square feet of restaurants, bars, and other retail; hotel development of 200,000 to 400,000 square feet; and parking for nearly 1,800 cars.

The Banks also includes a 40-acre riverfront park that will include playgrounds, a 12-acre “great lawn,” walking and biking paths, gardens, and a promenade overlooking the entire park. A focal point of the area is the existing National Underground Railroad Freedom Center, a museum and educational center.

The entire site is bookended by Cincinnati’s two major stadiums: the Bengals’ Paul Brown Stadium, which opened in 2000, and the Reds’ Great American Ball Park, which opened in 2003.

CPN reported in February that, according to a report by Property & Portfolio Research Inc., Cincinnati has one of the country's highest major market office vacancy rates. An 11 percent increase in office construction in Cincinnati this year should add 1.8 million square feet to the city's office space supply, pushing the office vacancy rate to about 20 percent by the end of 2009.

Tale of the Madisons (Madisonville and Madison Place)

We all know the Madisonville area from the terrible riots that occurred several years ago. But that history is long gone and Madisonville is quickly becoming one of the strongest neighborhoods poised to take off in the next several years!

Madisonville is tucked right in between Mariemont, Oakley, and the tip of Hyde Park. I can't think of a neighborhood with better neighbors! Outside of it's close proximity to these highly desired communities, the architecture is very similar to the homes found in Hyde Park, Mt. Lookout and Oakley. So once rehabbers run out of inventory in Oakley, they'll strongly start targeting the Madisonville area.

The area most likely to see the quickest growth will be the South East portion of Madisonville. All of these homes are within a 1/2 mile walk to Mariemont Square (which is absolutely incredible). Several of the homes are already well maintained but you can find distressed properties in the area ranging from $20,000 - $80,000. This affordability will draw in the young professionals who will help to shape and revitalize a once unpopular neighborhood.

Lastly, there is some strong development occuring on Red Bank Road, the western border of Madisonville. A new Super Walmart is being built, the Oakley Drive-In has been converted to a luxury Dog Spa and Medical Office Space, and Miller Valentine will be developing the area where the old Nu Tone plant used to operate (http://cincinnati.bizjournals.com/cincinnati/stories/2007/06/18/daily42.html?from_msn_money=1).

Just East of Plainville Road in Madisonville is an area called Madison Place that has already seen a lot of investor activity and above average growth. This area is within easy walking distance of Mariemont Square and the homes are primarily simple starter homes. Madison Place is known already as the place to buy for Mariemont Perks without the Mariemont Price.

Both neighborhoods are worth checking out for Investors or Owner Occupied Buyers. Feel free to contact me for any additional information regarding these neighborhoods as I'm excited to see them take off!

New Development Plan for a 36 Acre Parcel near Cincinnati Airport!

After landing two of Northern Kentucky's largest development projects in 2007, Al Neyer Inc. is expanding its Riverview Business Park in Hebron by adding 35 acres to the 101-acre park it opened in 1998.

The downtown-based real estate developer paid $320,000 for a former horse farm adjacent to its hilltop property northeast of the Cincinnati/Northern Kentucky International Airport, a deal that roughly doubles the 36 acres still available in the park. By incorporating design elements that evoke a residential feel, including a decorative stone wall at the entrance and a one-acre lake, Neyer has attracted a cluster of foreign-owned companies that made Riverview Business Park their U.S. headquarters.

"It was designed as an upscale business park," said David Neyer, president and CEO of the family-owned Al Neyer Inc. "The people we were trying to get were those companies that would favor higher-end amenities."

New to the neighborhood in 2007 were Psion Teklogix Corp., a Canadian company that sells mobile computing systems, and Mauer USA, a German firm that specializes in plastic injection molding. Three of the seven companies that located in the Riverview park were German-owned, while a British firm that moved to the park in 2000 was later replaced by trade-show display company Opera Portables Inc.

"It's developed into a nice, small niche business park," said Dan Tobergte, president and CEO of Northern Kentucky Tri-ED, the economic development arm for Boone, Kenton and Campbell counties. "Its location is very accessible. Its price point is reasonable, in the $90,000 an acre range. It's a very natural setting, preserving as many trees as possible."
Psion Teklogix and Mauer were among Tri-ED's 20 largest expansion projects in 2007. Psion's 60,000-square-foot facility represented a roughly $6 million investment and holds about 150 employees in sales, accounting and technical support. The company makes scanning devices and RFID equipment, which are used to track packages and inventory.

"It has quite a different look and feel than most industrial parks," said Tony Condi, director of marketing for Psion Teklogix. "All the buildings back here are very eye-catching."

See the Full Article at: http://cincinnati.bizjournals.com/cincinnati/stories/2008/04/07/focus1.html?f=et177&b=1207540800^1614502&ana=e_vert

FINALLY - The Banks Project is Underway

It took 11 gold-painted shovels, two boxes of gold-colored hard hats, dozens of dignitaries, fireworks, speeches and a lot of dirt, but the physical birth of the Banks riverfront development finally occurred Wednesday.

The shovels hit the earth at 4:40 p.m. for an event nine years in the making - the ceremonial groundbreaking for a project that many thought would never happen.

"Looking out upon you and this gorgeous sky and these wonderful surroundings, I hope you will forgive me for reverting to one of my former professions," said Gov. Ted Strickland, a former minister. "This is the day which the Lord has made, let us rejoice and be glad in it. You can feel the energy in this place!"

See the full story here: http://news.enquirer.com/apps/pbcs.dll/article?AID=/20080403/NEWS01/804030316/1077/COL02