After navigating the tumultuous waters of the COVID-19 pandemic, local developers Campus Management and Gibraltar Development are resuming their efforts to enhance the Walnut Hills neighborhood with a new residential complex. Park Avenue Square project is poised to transform a 1.43-acre site at the northeast corner of Park Avenue and East McMillan Street. This initiative is not merely picking up the pieces from a stalled past; it firmly sets eyes on a future with a 205-unit mid-rise multifamily building designed to reflect modern living amidst historic vicinages.
According to information acquired by the Business Courier, the ambition to break ground has been reignited, with the intent to fully start construction presumably by the end of this year or at the dawn of the next. Kieran Walsh, chief operating officer of Campus Management, confided in the Courier, "If everything gets approved, we’ll hopefully start by the end of this year or in the beginning of next year," according to bzjournals.com, reinforcing commitment to the prospective timeline.
While the original projection for the development was pegged at $29 million before the onset of COVID-19, the outbreak increased costs, a signpost of the economic landscape that industries globally have to navigate. Unfortunately, the revised budget remains undisclosed, but the inference is clear, the financial outlay has grown substantially, a sentiment echoed in Walsh's statement to the Business Courier.
Local12, another publication closely monitoring the development, underscores the momentum with which the project is moving forward. The Park Avenue Square initiative symbolizes the vitality and resilience of the real estate sector in Cincinnati, boldly restarting after a pandemic-induced lull. The drive to quickly ramp up to full steam is palpable. Walsh told Local12, "A pair of local developers are pressing forward on an apartment project in Walnut Hills following a years-long pause," signaling both the challenges overcome and optimism for the future.
As developments continue to unfold, Walnut Hills residents and prospective tenants will closely watch the rise of Park Avenue Square. The project's progression symbolizes a new chapter for the neighborhood and a testament to the enduring strength and adaptability of the local economy in a post-pandemic era.
