SkyHouse Cincinnati plans fall through, again
CINCINNATI (Cincinnati Business Courier) - Novare Group’s plan to build a $94 million, 25-story luxury apartment tower along the Ohio River is not going to happen.
Jim Borders, president of Atlanta-based Novare, said in a statement to the Business Courier that the project, which has been in the works for more than two years, is not moving forward as a result of rising costs and a lack of increasing rents.
“Novare Group and our partners, as well as the Gregory family, city of Cincinnati staff, council and Mayor (John) Cranley, worked long and hard two different times to make SkyHouse Cincinnati a reality,” Borders said. "As we went through the process, costs continued to rise and rents in the market did not, which is typical in today’s market in city centers around the country. So, what was a challenge became something that we could not make happen. We regret that and hope to someday develop in one of our favorite places, Cincinnati, Ohio.”
This is actually the second time the SkyHouse Cincinnati project has been stopped. In August 2016, Novare dropped the project due to a combination of construction costs for the proposed tower coming in significantly higher than its historical costs and financing terms nationwide for multifamily development projects becoming significantly less favorable to development.
To learn more about the reasons for canceling the development and what the future could hold for the planned site, read the full story from the Cincinnati Business Courier.
Cincinnati Business Courier is a Local 12 News partner