Office redevelopment is hot. Here’s the opportunity Cincinnati developers see

–

Converting old office buildings to apartments is no easy feat.

But in Cincinnati, developers haven’t shied away from converting old office buildings. Everything from a former jail to warehouses have recently received new life as apartments, stacked with amenities.

Ackermann Group is at the forefront of the suburban office conversion trend in Greater Cincinnati. The commercial real estate company, led by CEO Dobbs Ackermann, revealed plans in early 2023 to convert the building at 8600 Governors Hill Drive in Symmes Township into just over 200 Class A apartments.

Urban offices have the built-in amenities of their location, said Sari Lehtinen, senior designer at MA Design, so more is sometimes necessary to create the draw to the suburbs.

Ackermann Group’s solution is to fill Governors Hill with resort-style amenities – the original site design calls for pickleball courts, a lap pool, a fitness center and grilling stations.

“This is a real part of the real estate segment that we think to a small degree will move the needle,” Ackermann said.

despite project obstacles, Lehtinen said urban and suburban conversions offer great opportunities for developers and renters. The large windows can provide units with lots of natural light, and even building floorplates that aren’t suitable for apartments can become an “amenity floor” that further attracts tenants.

https://www.bizjournals.com/cincinnati/news/2023/06/14/office-residential-conversions-cincinnati.html

#cincinnati #nky #cre #officeconversion #multifamily #conversion #urbancore # #commercialrealestate #design #project #opportunities #windows #designer #realestate #amenities #apartments #downtown