CINCINNATI BUISNESS COURIER REPORTS:
Neyer Holdings Corp. purchased a building along the streetcar route in downtown Cincinnati and plans to redevelop the property.
An affiliate of Neyer Holdings purchased the former Hartford Insurance Building at 630 Main St. from Vulcan Property Management Co. for $2.8 million. Tom Neyer Jr., chairman and CEO of downtown-based Neyer Holdings, said he will spend the next couple of months determining the best use for the 60,000-square-foot building.
Neyer Holdings purchased the former Hartford Insurance Building on Main Street for $2.8… more
“The quality of the structure is outstanding,” Neyer told me. “There are a number of great options in front of us. The location is great and improving every week.”
The former Hartford Insurance Building is located across the street from a northbound streetcar stop.
As I first reported last week, a team of developers are planning to build two condo towers a few blocks to the north at Eighth and Main streets. That’s just one of a growing number of projects announced along the streetcar line. The streetcar is scheduled to start running on it in September.
As for the Neyer’s building, he’s looking at a couple of options. One would be a conversion to apartments. Another would be to spruce up the building and continue to use it as class B office space. The property also includes a couple dozen surface parking lots. The building is currently vacant.
The previous owner had submitted plans to the Cincinnati Historic Conservation Board to convert the building into a garage and build four to five stories of apartments on top of it. The building, constructed in 1960, is in the Main Street Historic District. However, when this application was made, the architect said the building doesn’t contribute to the historic value of the district because of its contemporary design.
Neyer said the building can support parking structurally. It’s among the options that Neyer Holdings is considering.
Neyer plans to move forward with one of the options within the next 12 months.
Neyer Holdings will be the master developer of the property. Neyer Holdings’ Real Estate Group is a real estate developer and investor that works on projects across the office, industrial, retail, residential and hospitality segments. Architect Denis Back has worked on preliminary designs for the building, including a number of different uses.
“Anybody reading the Business Courier in the past week has to get excited about the momentum in downtown real estate,” Neyer said.