The first units have opened at Slate Springdale, a $76 million apartment community built on 17.8 acres that included an unused surface parking lot behind a movie theater. The 306-unit project sits on what was once an unused surface parking lot for Showcase Cinema de Lux Springdale 18, just north of Cincinnati, transforming a stretch of underused pavement into a mix of apartments and townhomes.
Indianapolis-based developer Milhaus opened the first units at the site, according to The Business Journals, which first reported the project's opening. The project repurposes an unused surface parking lot beside the cinema, as the Cincinnati Business Courier reported in August 2024.
How Public Financing Helped Get It Built
The project leaned on a public-private funding structure. In January 2025, the Port of Greater Cincinnati Development Authority approved $9.5 million in tax increment financing bonds, according to the Business Courier's financing coverage.
The $76 million project also received financing from First Financial Bank.
Inside the 306-Unit Mix
Slate Springdale spans 22 total buildings. Six three-story structures hold 216 apartments, while 16 separate buildings contain 90 townhome-style residences, according to the Business Courier's unit breakdown. The apartment mix includes 54 studios, 114 one-bedroom units, and 48 two-bedroom apartments, rounding out the 306 total homes on the property.
The development also includes 496 dedicated parking spaces, split between 316 surface spots and 180 garage spaces.
A Pattern Taking Shape in Springdale and Beyond
Milhaus' Springdale portfolio also includes Array Apartments, which launched in 2023. Array also leased up quickly.
Milhaus has kept pushing further into Cincinnati's northern suburbs since then. In February, the firm announced plans for a separate $47 million, 223-unit apartment project next to the long-dormant Beach Waterpark in Mason, part of a pattern of highway-adjacent bets on underutilized commercial land in the region.
Whether Slate Springdale's 306 units absorb into the local rental market as quickly as Array did, and whether the influx of new residents spurs more retail activity along nearby commercial corridors, remains to be seen.
