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The condos range from 720 to 1,880 square feet and are priced from $130,000– $230,000. Shown here is a one-bedroom, 950-square-foot unit.


 


MC3’s Mike Berry says that he and his business partners believed that the building’s location within the city’s Northside Historic District would make it marketable with a mix of residential and commercial space. So they bought it in 2009 with the plan of turning it into four condos and a street-level storefront. The units would be distinctly different from one another, ranging in size from 720 to 1,880 square feet, with prices from $130,000 to $230,000. They would feature open floor plans with modern amenities, private outdoor spaces, tiled bathrooms, hardwood floors, and custom millwork.


Berry says that the building was very well constructed, a fact that figured in MC3’s decision to invest in it. “It was amazingly solid.” It would require some exterior work—rebuilding cornices, relining gutters, a new roof—but the structure itself was stable and watertight.


Deciding on Certification
A solid structure in a desirable location would have been enough for most developers, but MC3’s partners believed they could add value by seeking LEED certification for the completed renovation.


“After talking with realtors and marketing people, we realized that certification would appeal to buyers,” says Berry. They had been involved with other green buildings and liked the fact that Cincinnati offers a property tax abatement for buyers of LEED certified projects. Despite the extra 5%–10% he says this added to project costs, he calculated that the combination of tax breaks and energy savings meant that buyers would save money in the long run.

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