First residents arrive at The Reserve at 4th and Race

Posted September 26, 2012

The Reserve at 4th and Race, an Arcadia property development in downtown Cincinnati, Ohio, has started accepting its first residents. The completely renovated historical property, the result of a strategic partnership between Arcadia Communities and Ashley Commercial Group, is a former Federal Reserve Bank that has been converted into 88 Luxury Apartment Units. This 15-story, 191,547 square foot office tower is located on the southwest corner of 4th and Race Streets in the Central Business District of downtown Cincinnati, Ohio.  It was constructed in 1927 in the Second Renaissance Revival Style and was listed in the National Register of Historic Places in 1976.  The building has undergone few changes since its original construction and retains the integrity of location, design, setting, materials, workmanship, feeling, and association.

A highlight of the property is its focus on “adaptive reuse”, restoring the building to its former glory and repurposing historic elements to meet the needs to modern apartment living. The project applied for and received approval for the use of Federal Historic Tax Credit Incentives, which encourages private sector rehabilitation of historic buildings and is one of the most successful and cost-effective community revitalization programs. The partnership was also awarded Ohio State Historic Tax Credit Incentives in a competitive application process which included all other Historic projects in the state of Ohio.  The award was announced by the Governor of Ohio and was one of only two awarded for projects in Cincinnati.

The apartment project is 100% pre-leased and has fully leased four of the five commercial floors.

 For more information on The Reserve, please visit The Reserve at 4th and Race’s website.