CHCURC ANNOUNCES PENNROSE AS COLLEGE HILL STATION PREFERRED DEVELOPER
Pennrose unveils plan for a $24.6 million development at corners of Hamilton and North Bend
The College Hill Community Urban Redevelopment Corporation (“CHCURC”) announced on Monday, July 23, 2018 the selection of Pennrose, LLC as the Preferred Developer for the College Hill Station site on the 7.5 acres of City owned land at the corner of Hamilton and North Bend. Pennrose plans to build a $24.6 million, 141-unit mixed-used development with approximately 11,500 square feet of commercial space on the first floor.
“Ever since Kroger and Shullar’s Wigwam closed in 2002, we have been searching for the right development partner to bring these critical corners back to life. Today, we found them,” said long-time Board President of CHCURC, Mike Cappel. “Rarely do you get an opportunity to redevelop 7.5 acres of a neighborhood business district. With Pennrose’s College Hill Station development, we believe we will be able to anchor the northern end of our business district with a mixed-use development that will bring needed density, market-rate apartments, and retail to College Hill.”
CHCURC and Pennrose are also working to bring new for-sale custom homes to the development site, to transition from the large, mixed-use buildings on the corners down to the surrounding single-family housing.
“When we gauge redevelopment opportunity, we look for not only a great location but the critical ingredient of a self-determinate community with strong organized leadership,” said Lasserre Bradley, Regional Vice President for Pennrose. “College Hill demonstrates all of these qualities and we are thrilled to be working with CHCURC and the City of Cincinnati on this long-awaited phase of College Hill’s on-going neighborhood revitalization, building upon CHCURC’s growing track record of success.”
In October 2017, CHCURC released a Request for Proposals (“RFP”) as the preferred developer for the City of Cincinnati. The RFP was conducted over the following 9 months, with finalists participating in multiple phases of the RFP. The College Hill Station Selection Committee was comprised of members of CHCURCs staff, College Hill residents, and City of Cincinnati employees.
The City of Cincinnati has been assembling the College Hill Station site since 2002. It once included the old Shuller’s Wigwam, an old Kroger building, and the former Eastern Star Retirement Home. Acquisition of the contiguous 7.5 acres of land was completed in 2013.
With more than 40 years of experience, Pennrose combines quality development and proven management to deliver exceptional lifestyle-centered communities for its residents. With the superior knowledge and unparalleled dedication to get the job done right, Pennrose develops and operates mixed-use communities throughout the Eastern and Midwestern portion of the United States, including market-rate, mixed-income and affordable housing. For more information visit www.pennrose.com.
College Hill Station Community Engagement Session #1
Tuesday, August 28th, 2018, 7:00 pm
College Hill Station Community Engagement Session #2
Thursday, September 27th, 2018, 7:00 pm
College Hill Station Community Engagement Session #3
Tuesday, October 30th, 2018, 7:00 pm
All sessions take place at the College Hill Recreation Center, 5545 Belmont Ave.