A Florida developer purchased a historic downtown Cincinnati office building and plans to redevelop it into a mixed-use property.
Hudson Holdings, headquartered in Delray Beach, Fla., purchased the Textile Building from Hertz Investment Group for $12 million. Andrew Greenbaum, principal and co-founder of Hudson Holdings, said the company plans to turn the office building into a mixed-use project. He estimates the redevelopment would be a $70 million project.
Greenbaum said Hudson Holdings specializes in historic adaptive re-use. The company buys historic buildings, then converts them to a mix of office, hotel, residential and retail uses.
“The market in Cincinnati is very strong,” Greenbaum told me. “We’re an urban developer. We love downtown markets.”
Greenbaum said Hudson Holdings is currently performing early evaluations of the property. He expects to have a better idea of the new mix of uses in the building in the next 30 days.
The building is currently about 70 percent occupied, and Greenbaum would like to keep an office component. Ground floor retail tenants include Portaluca, a boutique that supports Dress for Success Cincinnati, and a U.S. Bank branch.
Greenbaum said Hudson Holdings was attracted to the design and architecture of the Textile Building.
The historic Textile Building, located at 205 W. Fourth St., is a 12-story building on the National Register of Historic Places. It was built in 1906 and designed by Cincinnati architect Gustav Drach in Renaissance Revival style. The 213,000-square-foot property was renovated in 1987. Hertz Investment Group purchased the building in 2006 for $12 million.
Greenbaum said he hopes to start work on the redevelopment of the Textile Building within a year. Hudson Holdings plans to pursue Ohio Historic Preservation Tax Credits for the project.
In Cleveland, Hudson Holdings is redeveloping the Huntington Bank Building, a 22-story building in the heart of downtown. That project, which will include 550 apartments and 400,000 square feet of office space, is expected to be a $280 million revitalization. That project received the $25 million “catalytic” Ohio historic tax credit.