PLK Communities purchases former Multi-Color facility for Factory 52 expansion

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The former Multi-Color site, located at 4500 Beech St., adds 9 acres of land to PLK’s amassed property in Norwood, bringing it to 30 acres total. That’s roughly a 43% increase.

The acquisition is an opportunity to build on the success of Factory 52. It adds a new entrance to the development and brings more jobs and housing to Norwood, PLK Chief Development Officer Nick Lingenfelter said in a news release.

The former factory spans 328,000 square feet. The Multi-Color site received Ohio Environmental Protection Agency’s Voluntary Action Plan (VAP) approval for industrial use in November 2020. PLK aims to collaborate with OEPA to obtain approval for residential use.

If approved, PLK plans to preserve the original 220,000-square-foot L-shaped structure, turning it into 175 residential units. Part of the building’s addition would be demolished.

PLK is in the early stages of developing Factory 52’s next phase. It’s currently developing Phase 1B: a $25 million apartment building that will bring 128 units online in 2024, and a building at the former site of U.S. Playing Card’s power plant. The latter building will include eight new loft-style rental units and ground-floor retail.

https://www.bizjournals.com/cincinnati/news/2024/01/30/plk-communities-purchases-multi-color-corp-factory.html

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