CASTO Announces Historic Renovation Project in Cincinnati
Cincinnati, OH — CASTO has partnered with Cincinnati-based Neyer Properties to lead the redevelopment of the former Baldwin Piano Headquarters into The Baldwin, an adaptive reuse project in Cincinnati, OH.
Once completed, The Baldwin will include 190 one and two bedroom apartments in Cincinnati’s growing Walnut Hills neighborhood located five minutes from downtown, and across the street from Eden Park. The community will include a clubroom with sports simulator, resident storage areas, fitness center, and pool deck with sweeping views of Cincinnati’s skyline. This will be CASTO’s first multifamily development in Cincinnati.
“We’re excited about the opportunity to partner with Neyer on the redevelopment of The Baldwin and growing CASTO’s portfolio into Cincinnati. The building itself, along with its ideal location, and the opportunities for tax credits made this project very appealing to us,” said Brent Sobczak, Director of Multifamily Development & Finance at CASTO.
Built in the early 1920s, The Baldwin building was once the headquarters for the well-known Baldwin Piano Company. By 1925 the facility produced more than 11,000 pianos and employed over 2,000 employees. The Baldwin building is the sole surviving building associated with the piano maker. After the company relocated in the late 1980s, the building was converted to offices and was over 98% vacant when Neyer purchased it in 2014.
CASTO recently completed converting the former Julian & Kokenge shoe factory into 90 adaptive reuse apartments in downtown Columbus, and is currently working on renovating Barrett Middle School into 51 apartments in Columbus Merion Village. Previously, CASTO worked on the redevelopment of Broad & High and 8 on the Square in downtown Columbus.
“Neyer chose CASTO as its residential development partner due to the company’s experience with converting historic buildings to residential projects, specifically with their recently completed project, The Julian in downtown Columbus,” said Chris Dobrozsi, Neyer’s Vice President of Real Estate Development.
Construction for The Baldwin is scheduled to begin this week, with an anticipated completion of Spring 2017. For more information on The Baldwin, please visit www.thebaldwin.com.
CASTO, a fully integrated real estate organization since 1926, is a recognized leader in the ownership, management, acquisition and development of multi-family residences, commercial shopping centers and office buildings. CASTO’s growing portfolio currently includes over 23 million square feet of commercial property and over 4,000 residential units located throughout the midwestern and southeastern United States. CASTO is headquartered in Columbus, Ohio and serves a variety of clients from five offices in Florida, North Carolina and Ohio. To learn more about CASTO, visit www.castoinfo.com.
About Neyer Properties
Neyer is a full service commercial real estate developer specializing in sustainable land development, construction management, investment, and redevelopment. The company currently owns over 4.5 million square feet of office, industrial, and retail space and has over 200 acres ready for development in Cincinnati’s tri-state area.
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