BY PERRY BROTHERS
The Cincinnati Enquirer
The city administration has asked Cincinnati City Council's permission to buy the Fifth & Race Tower and move ahead on the the Fifth & Race - Parkade project without a secured retail tenant.
Andi Udris, director of the city's economic development department, Tuesday introduced a report recommending council amend the lease with Western-Southern Life Insurance Co., the Fifth & Race developer's parent company, to allow the city to buy the property for $6.95 million. The city then would lease it to the developer, Eagle Realty Group.
In a related request, Mr. Udris also asked council to allow the city to purchase the former J.J. Newberry Building at Sixth and Race streets. The city plans to buy the building, or attempt to take it via eminent domain, and sell it to Western-Southern. Newberry, according to the city's and the developer's plan, would house Walgreens drugstore -- a Fifth & Race Tower tenant that must be relocated to make way for the Fifth & Race - Parkade project.
The city's planning commission will consider the proposals Friday, and council committees will hear them in two weeks.
Mercantile Center inks two leases worth $1.2M
Cincinnati's LaSalle Partners has closed two leases in the Mercantile Center Building worth more than $1.23 million. The leases bring the Mercantile to about 83 percent occupancy.
J. Jeffrey Bellamy of LaSalle represented Mercantile's owner, Riverside Corp., in an 8,848-square-foot lease on the second floor to Loren - Allan - Odioso Advertising. Robert A. Schneider of River City Alpine represented the tenant.
LaSalle's Andrew Kahn represented Riverside in a 5,060-square-foot lease on the third floor to DiaLogos Inc. Robert Ryan of Ostendorf-Morris Colliers represented the tenant.
Apartment building deals sealed for $768K
Chuck Ciolino Jr. of West Shell Commercial - Oncor recently closed two apartment sales valued at $768,000. Both are Western Hills properties. The first, Cheviot Terrace, at 4201 Harrison Ave., has 26 units. It was sold to Gary Hammant for $530,000. Mr. Ciolino represented the buyer and the seller, John Gibson.
The other property, at 2864 LaFeuille Ave., has 10 units and sold for $238,000. Mr. Ciolino represented the seller, James Schroeder. Tom Balmgartner, the buyer, was represented by Glen Dennis of Dennis & Co.
$3M office - warehouse planned in Loveland
Cincinnati United Contractors will build a $3 million, 120,000-square-foot office and warehouse facility in Loverland for SST Fitness.
The building will sit on 10 acres on Commerce Boulevard. CUC expects to complete it in August.
SST sells and distributes fitness and home gym equipment.
HGC Construction renovating XU chapel
Cincinnati's HGC Construction is renovating Bellarmine Chapel at Xavier University. HGC has started the demolition phase of the project, which will add a new ceiling, altar and flooring to the 35-year-old chapel.
The project includes movable seating installation, an updated mechanical system and improved lighting and sound systems.
McGill Smith Punshon, also of Cincinnati, is the project architect.
