A Columbus-based nonprofit wants to swap out a wedge-shaped warehouse near Cincinnati’s casino for roughly $21 million worth of senior housing, setting up the next big development storyline in Pendleton.
The project, called “550 Reading,” would bring a 60-unit, elevator-served apartment building for residents aged 55 and older to the southwest corner of East 12th Street and Reading Road. Developers say the building would be aimed at households earning about 30% to 70% of the area median income.
What’s proposed
As reported by Local 12, the 0.36-acre site is currently home to a two-story commercial warehouse built in 1964 and owned by Over-the-Rhine-based Urban Sites. Columbus-based National Church Residences is listed as the lead developer on the 550 Reading project at the corner of East 12th and Reading, according to the station’s report.
Design, funding and who it will serve
According to a proposal filed with the Ohio Housing Finance Agency, total development costs are estimated at roughly $21.8 million. The application outlines a 60-unit senior community that would include 42 one-bedroom apartments and 18 efficiencies.
The filing lists Berardi+ Partners as the architect and notes that the building would be elevator-served and located within close reach of groceries, a pharmacy, a library and a senior center. In other words, the plan is to stack needed services within a short trip for older residents who may not want to rely heavily on a car.
Pendleton context
Pendleton and neighboring Over-the-Rhine have become hot zones for both market-rate and subsidized housing, and not everyone has agreed on how dense new buildings should be or where all the cars are supposed to go.
As WCPO reported, a nearby Bennett Point affordable-housing proposal developed with Urban Sites triggered sharp debate over parking and how the project would fit the neighborhood. That recent history is a reminder that 550 Reading will likely have to navigate similar questions, even if the focus here is senior housing.
Next steps
The OHFA filing shows 550 Reading in the 2026 9% LIHTC competitive pool, which means the team is chasing low-income housing tax credits and related subsidies before a shovel hits the ground. Winning those credits, then lining up the rest of the financing, would only be the start.
Per the application materials, the project would still need permits and any required historic or zoning approvals before it could officially break ground.
What to watch
Keep an eye on OHFA award announcements to see whether 550 Reading makes the cut in the tax credit competition. Also watch for any filings with the city’s Historic Conservation Board, since city planning records show parts of Reading Road fall inside the Over-the-Rhine historic district.
That designation could trigger a design review that shapes how the new building looks and how it connects to the street, which means the old warehouse’s replacement is likely to get more than a casual glance from neighbors and city officials alike.
