Cranewoods Purchases Remaining Schoolhouse Lofts in Cincinnati, Ohio
June 12th, 2011
Cranewoods Development is entering their second redevelopment project in Cincinnati Ohio with the purchase of the remaining Schoolhouse Lofts. Now in the process of finishing the luxury urban condo project, the Mcarland Lofts, in the West Fourth Street Historical District within the business district of Downtown Cincinnati, Cranewoods is engaging another historically oriented project in East Walnut Hills. The remaining Schoolhouse Lofts units had languished in the challenged real estate market. Cranewoods has taken on the role as the Redevelopment Manager of the former schoolhouse.
Andrew Howe of Cranewoods saw the beautiful old Walnut Hills High School and decided his expertise in historical building redevelopment and luxury housing gave him insights on how to provide contemporary (if not urban hip) design to the unique building with multiple turrets and Romanesque Revival design.
“I like the challenge of historical buildings,” says Howe, “but I also liked the central location near downtown Cincinnati, the hospitals and Clifton. The neighborhood is highly walkable, and I felt I could bring value and an upgraded design to new buyers at the Schoolhouse Lofts.”
Cranewoods will provide new layouts and new design to the remaining five units. The project will now include optional layouts for a second bedroom or an expanded great room, bamboo floors, cutting edge designed bathroom vanities and fixtures, and designer lighting along with stainless steel appliances and granite countertops. The revisions will also now include optional private garages in the gated parking lot.
The neighborhood of East Walnut Hills has grown from its “urban pioneer” days to be voted one of Cincinnati’s Top Ten neighborhoods.
One of the more unique aspects of the project is the financing structure Cranewoods arranged by teaming with the Cincinnati Development Fund (CDF). CDF will provide a no interest/ no payment second mortgageto qualified buyers for 10% of the purchase price.
Cranewoods began providing real estate development consulting in Cincinnati in 2010 and the Schoolhouse Lofts is their second redevelopment project in the city.
For more information on the Schoolhouse Lofts visit http://www.schoolhouselofts.net
