Owe an apology to OTR, thinking of investing there (Cincinnati: for sale, apartments)

[Cincy Rider]

After lambasting OTR in another thread, and since being in the Gateway Quarter and Findlay Market areas, since, I owe Over The Rhine an apology. Actually the last few days I've been crunching some numbers to see if there might be some properties to invest in.

The problem I'm seeing is that there may be a property for sale that can be saved, it's usually sanwiched between two or whole block that are boarded-up that may never be rehabbed or will be dozed for a nice scraggly empty lot.

The decimation of the area since the turn of the century is well chronicled but NO neighborhood should have to endure what's happened to OTR. Since 1930, over 800 buildings have been demolished, leaving only 1200, of which 500 are vacant.

I wouldn't be in it for the buck but more for the historical preservation of restorable buildings. I believe the revitalization of OTR is the most important of any nighborhood in Greater Cincinnati.

If anyone reading this has similar ideas or has invested there, I'd really like to hear your story.

[Cincy-Rise]

You should also chit chat with Restoration Consultant, who's usually on here.

We've invested in the "area" and are enjoying ourselves quite a bit! We have a son now and are noticing much more parents also in the immediate Downtown area. May I suggest this site as well! The area didn't go downhill over night, and it won't be 110% renovated overnight either.

If you do invest now, with the MAJOR help of 3CDC - as soon as that area is redeveloped, with the proximity to Downtown ... early investors will be raking in major cashflow.

[PhillytoCincy]

I have been contemplating moving into the city as well. I have the oppurtunity for a job down in Cincy, and I don't want to pass it up. I was looking into OTR. What are some good lofts/buildings to look into?

[Wilson513]

I have several OTR properties. Its a block by block thing. Orchard is the best street in OTR. Broadway second. Spring is nice. In general, the Pendleton area and Prospect Hill are the best.

[PhillytoCincy]

Originally Posted by wilson1010

I have several OTR properties. Its a block by block thing. Orchard is the best street in OTR. Broadway second. Spring is nice. In general, the Pendleton area and Prospect Hill are the best.

I was looking at some on Broadway. I liked what I saw.

[Wilson513]

Originally Posted by Beavercreek33

I was looking at some on Broadway. I liked what I saw.

Broadway north of 13th street is best.

It is a bit of a crap shoot of course because you can practically see the new casino site to the south and the soon to be vacated SCPA is across the street. Will the SCPA site be office? luxury housing? vacant? Who knows. I own the building immediately to the north of SCPA on Sycamore. IT will be interesting to see what happens down there. But, after it happens the opportunity will be gone. That's the dilemma.

[Cincy Rider]

Thanks for the link!

I'm not looking for the nicest areas, the most broken down sections not in the Broadway-Pendleton district need the most attention. OTR isn't just the Gateway Qtr and Pendleton. I'm looking at The Brewery District, Washington Park, Findlay Market, and Mulberry-McMicken.

A return on the investment is great but not what motivates me. OTR is endangered and with one of the largest concentrations of Italiente and other historical architecture facing demolition by dozer or neglegt. My present budget limits me to one-at-a-time deliberate renovations leaning more to quality restorations.

Maybe I'm not making any sense, since it always comes down to making a buck. It just can't be a pick and choose in certain areas, the whole neighborhood and it's six districts (depending on which breakdown one ascribes to), need to be "saved".

To be clear, my intentions are to buy dirt cheap (i.e. abandoned), repair, restore, and hold for use. Eventually, to move to OTR, it's all kind of vague.

[Cincy-Rise]

^10 years ago, I would've thought you were crazy, but now you're one in a million. Because my line of work, I can say this without assumption.

[Wilson513]

Originally Posted by Cincy Rider

Thanks for the link!

I'm not looking for the nicest areas, the most broken down sections not in the Broadway-Pendleton district need the most attention.

Then I would suggest west Findlay St. and environs. It will be dangerous, of course, but to fit your parameters, that would be the thing. I would suggest that you explore your own motives and objectives in more depth before you commit. I think you have some conflicting objectives and once you iron those out your search will be easier. For my part, I wanted to do something constructive too. So, when the building with 8 octogenarian tenants came up for sale, I just thought I would buy it to make sure that they had a place to live and that it would not be turned into condos at least until the old folks are gone. They have 1100 square foot 1 bedroom apartments over looking the park and SCPA. It would be hard to displace them from that lifestyle.

[kjbrill]

As you say, it is kind of vague. I would like to know exactly what your purchases, renovations, etc. are based on. I am not against restoration and renovation, but I would like to know your business plan for why this will succeed other than nostalgia and preservation of architecture, i.e. historical significance. I frankly am not so sure we can afford the historical significance designation in today's society. I recognize we are combating a cultural heritage type of scenario.

My feeling is right now, too many Americans are being faced with the lack of a job, inability to pay the mortgage (i.e. foreclosures), problems with just putting food on the table, etc. Historical preservation is nice, but what is more important?