Carew Tower lands $4.25 million in new state funding for residential conversion

Carew Tower lands $4.25 million in new state funding for residential conversion

Carew Tower received $4.25 million from the Transformational Mixed-Use Development (TMUD) Program’s latest funding round, announced Jan. 29. It was one of two Cincinnati projects to receive funds, alongside the Cincinnati convention center headquarters hotel.

Carew Tower’s owner, Anoop Dave, president of New York City-based Victrix Investments, did not immediately respond to a request for comment. He said at a recent real estate forum in November he believes Cincinnati is a market where residential conversions can work due to healthy rent growth and plenty of private equity, among other reasons.

The 49-story office tower will be converted into a mix of uses, chief among them 375 apartments and 10 short-term corporate housing units. The apartments will target high-income earners, but 20% of the units will be reserved for workforce housing, according to the project application. Rents are slated to be restricted, remaining affordable to those earning 80%-120% of the area median income. For a single person living alone that would be between $56,650 and $84,900, and for a family of four it would be between $80,900 and $121,300.

Vacant retail space will include a “variety of restaurants,” according to a news release, along with a unique coworking concept. The concept will aim to be “an affordable but engaging office environment intended for local nonprofits and emerging small businesses,” according to Carew’s application.

Other amenities will include a fitness center, tenant lounge, roof deck, bicycle storage and a pet spa.

The ongoing abatement and remediation work is expected to be complete by the middle of 2024.

The TMUD application lists the anticipated completion date as Dec. 13, 2025.

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