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Developer snatches up tiny downtown properties for $1M




An affiliate of a local real estate development company purchased three tiny downtown properties for $1 million.

Nieman Investors Ltd., an affiliate of Sycamore Township-based Rookwood Properties, purchased 127 Central Ave., 121 E. Central Parkway and 1027 Main St. from Lapille LLC for $1 million. Combined, the three properties total a third of an acre.

Rookwood Properties purchased the parking lot around the former Woodward Building & Loan building for $1 million.

Fred Kanter, partner with Rookwood Properties, said the properties were purchased as an investment. The properties include parking lot space at the corner of Central Parkway and Main Street, Cincinnati Business Courier reports.

The properties are just east of a 1-acre parking lot owned by Rookwood Properties at the southeast corner of Central Parkway and Walnut Street. Rookwood Properties has been considering a $50 million development at this site, according to WCPO.

In January 2015, the Business Courier wrote about the Central and Walnut site as one of the best properties for development along the streetcar line. Rookwood has owned the 1-acre site for decades.
At the time, the Business Courier noted this site would be ideal for a mixed-use development that includes a grocery store because it sits on the border of the Central Business District and Over-the-Rhine, Central Parkway is one of the best options for bringing in trucks to deliver goods to a grocery and there are streetcar stops on either side of the site, making it easy to carry a couple bags of food back home, whether you’re headed to the Banks or OTR, and get back while the milk is still cold. According to WCPO, Kanter showed his plans to Kroger back in 2014, but he declined to say if the grocery giant was interested.

Posted by: Marco Lacina on March 2, 2016
Posted in: Uncategorized