$4.7M Forest Square Senior Apartments development to start this October in Avondale

By Randy A. Simes, Soapbox Cincinnati | August 25, 2009

http://www.soapboxmedia.com/devnews/0825forestsquare.aspx

 

Cincinnati-based Model Group says that construction will start this October on a $4.7 million senior living project in Avondale.  Forest Square Senior Apartments will continue the ongoing success happening along the Burnet Avenue corridor says Model Group vice president of development Robert Maly.

 

"We've partnered with the Uptown Consortium and worked with the Burnet Avenue Revitalization Team (BART) on the Burnet Avenue corridor revitalization; this is the next phase," explains Maly.

 

Once complete, Forest Square Senior Apartments will have 21 two bedroom senior units that will rent for $500 to $600 a month.  The development will feature on-site parking for residents, a community room, outdoor space, hardwood flooring, storage units, ADA accessibility, high efficiency appliances and elevator access.  A market study showed a need for this kind of a project with unmet demand in the nearby area.

 

Model Group is working with Over-the-Rhine-based City Studios Architecture to build a LEED-certified project.  Maly says that this will be Model Group's first LEED project and they are working on achieving LEED Silver status.

 

Forest Square's construction is expected to take approximately 12 months with a late 2010 completion date.  Model Group also estimates that during the construction process 54 full-time job equivalents will be created.

 

The City of Cincinnati helped with the financing of the project with $2.8 million in private equity and an additional loan.  Maly says that some stimulus money also helped make the finances work on the project.

 

Model Group states that creating affordable senior housing units is a "key component" of their growth strategy.  In 2007 Model Group completed a 26-unit project in Covington, and earlier this year Model Group completed an 85-unit project in downtown Springfield.

 

To learn more about leasing opportunities in Avondale's new senior living development contact the Model Group.

 

OHFA announces $1.2M for Forest Square senior infill

By Kevin LeMaster, Building Cincinnati | November 9, 2009

http://www.building-cincinnati.com/2009/11/ohfa-announces-12m-for-forest-square.html

 

The Ohio Housing Finance Agency (OHFA) has announced that a 21-unit senior housing infill project in Avondale has been awarded more than $1.2 million in federal economic stimulus funding.

 

Forest Square, to be built by the Model Group at 430-436 Rockdale Avenue and 3511 Harvey Avenue, will receive $1 million in American Recovery and Reinvestment Act of 2009 (ARRA) Tax Credit Assistance Program (TCAP) funding and $248,566 through the ARRA Tax Credit Exchange (TCE) program.

 

OHFA has been given $83 million through TCAP to award low-interest loans and grants to developers for construction costs. TCE allows OHFA to convert federal housing tax credits into grant dollars.

 

Seventeen Ohio communities received more than $19 million in the current round of funding, which will result in the creation of more than 750 new affordable housing units.

 

Forest Square, which will consist of 21 affordable two-bedroom apartments, was awarded $775,000 in U.S. Department of Housing and Urban Development HOME funding in August.

Avondale senior project seeking LEED tax break

By Kevin LeMaster, Building Cincinnati | December 3, 2009

http://www.building-cincinnati.com/2009/12/avondale-senior-project-seeking-leed.html

 

Forest Square Apartments Limited Partnership (the Model Group) is seeking a Community Reinvestment Area LEED tax exemption agreement for the 21-unit Forest Square Senior Apartments, an infill project at the corner of Harvey and Rockdale avenues in Avondale.

 

The agreement would reduce the property tax liability of the $4.2 million project by approximately $898,000 over fifteen years.

 

The project has been registered with the U.S. Green Building Council in the LEED for Homes program.

 

Construction on the 26,000-square-foot building is scheduled for completion by fall 2010.

 

Forest Square Apartments Limited Partnership already has received $1.2 million in federal economic stimulus funding through the Ohio Housing Finance Agency and $775,000 through the U.S. Department of Housing and Urban Development's HOME program.

Forest Square wins LEED tax exemption for 21-unit project

By Kevin LeMaster, Building Cincinnati | January 4, 2010

http://www.building-cincinnati.com/2010/01/forest-square-wins-leed-tax-exemption.html

 

Cincinnati City Council has approved the execution of a Community Reinvestment Area LEED tax exemption agreement with Forest Square Apartments Limited Partnership (the Model Group) for a 21-unit senior housing infill project in Avondale.

 

Construction began last month at Harvey and Rockdale avenues on the $4.2 million Forest Square Senior Apartments, a 26,000-square-foot building that has been registered with the U.S. Green Building Council under the LEED for Homes program. Completion is scheduled for fall 2010.

 

The agreement will reduce the property tax liability of the project by nearly $900,000 over the next 15 years.

 

Forest Square Apartments Limited Partnership already has received $1.2 million in federal economic stimulus funding through the Ohio Housing Finance Agency and $775,000 through the U.S. Department of Housing and Urban Development's HOME program.

Avondale development sets national example for community reinvestment

By Jenny Kessler, Soapbox Cincinnati | February 23, 2010

http://soapboxmedia.com/devnews/0223hudinvestment.aspx

 

Shaun Donovan, Secretary of the U.S. Department of Housing and Urban Development (HUD) and Representative Steve Driehaus (D-OH), along with Ohio Department of Commerce Director Kimberly Zurz toured the new Forest Square senior living development construction site on Thursday, Feburary 18. Donovan's visit marked the one year anniversary of the American Recovery and Reinvestment Act.

 

The government officials came to Avondale to see the progress on the site that received $1 million of the HUD Recovery Act Tax Credit Assistance Program funds. This project had been planned, but was stalled due to lack of funding. Now it is currently under construction, and plans to open in the fall of 2010.

 

Donovan and Driehaus gave remarks about the ways that the stimulus package has directly affected the citizens of Ohio and the Cincinnati region. The Forest Square project alone created 70 jobs for local Cincinnatians, and according to Donovan, 79,000 jobs in Ohio were saved or created due to the Recovery Act funding.

 

The real message of the morning, however, was how vitally important community reinvestment is to rebuilding the economy and improving life for all.

 

"We are laying the groundwork for resilient neighborhoods," said Donovan about the green building practices, job creation and leadership involved with projects like Forest Square, which will provide affordable housing for senior citizens and is part of a much larger revitalization effort taking place in the uptown Cincinnati neighborhood.

 

Developed by Cincinnati-based Model Group, the $4.2 million Forest Square development will continue the progress being made in Avondale along the Burnet Avenue corridor and will create jobs for Cincinnatians at the same time - something highly touted by the officials on hand.

 

"I am so excited about the job creation and revitalization made possible with these fair housing funds," said Representative Driehaus.  "I worked at Xavier as a community developer, fighting against predatory lenders and people who didn't give a lick about the neighborhood or the people in it.  At the end of the day, yes, it's job creation, but ultimately it's about creating communities."