In a move signaling both progress and promise for Norwood, Ohio, PLK Communities proudly announces its latest venture: the acquisition of the former Multi-Color Corp. facility adjacent to Factory 52. This strategic purchase, finalized on December 28 and announced officially on January 30, marks a significant milestone in our commitment to community development and urban renewal.
Located at 4500 Beech St., the former Multi-Color site encompasses 9 acres of prime real estate, effectively doubling our holdings in Norwood and amplifying our role as catalysts for positive change in the region. Our investment reflects not only our confidence in Norwood’s potential but also our dedication to fostering growth and prosperity in the communities we serve.
The acquisition is more than a mere transaction; it represents an opportunity to build upon the foundation laid by the initial phases of Factory 52. With an expanded footprint totaling 30 acres, we envision a future where innovation, sustainability, and inclusivity converge to create a vibrant urban landscape.
At the heart of our vision lies a commitment to preserving Norwood’s rich architectural heritage while adapting to the evolving needs of its residents. The former Multi-Color facility, spanning 328,000 square feet, presents a canvas upon which we can reimagine urban living. Our proposed plan includes the preservation of the original 220,000-square-foot L-shaped structure, which will be transformed into 175 residential units, seamlessly blending modern comforts with historic charm.
Integral to our redevelopment strategy is a partnership with the Ohio Environmental Protection Agency (OEPA) to secure approval for residential use. This collaborative effort underscores our unwavering commitment to environmental stewardship and sustainable urban planning. By adhering to the highest standards of environmental remediation and land use, we seek to create a thriving community that prioritizes both people and the planet.
In addition to residential units, our expansion plans entail the demolition of existing single-story buildings and the old supplementary power plant, a move aimed at enhancing visibility from Interstate 71 and revitalizing the surrounding landscape. Furthermore, we are exploring the feasibility of introducing a new entrance off Robertson Avenue, a development designed to alleviate traffic congestion and enhance accessibility to Factory 52.
As we embark on this transformative journey, we remain mindful of the economic and social impact of our endeavors. The acquisition of the former Multi-Color facility not only breathes new life into a dormant space but also creates opportunities for job creation and economic revitalization. By embracing a holistic approach to community development, we hope to foster a sense of belonging and empowerment among Norwood residents, laying the groundwork for a brighter, more resilient future.
In parallel with our acquisition efforts, PLK Communities is actively engaged in the development of Factory 52’s next phase. From the forthcoming $25 million apartment building, set to bring 128 units online in 2024, to the transformation of the former U.S. Playing Card’s power plant into eight loft-style rental units and ground-floor retail space, our commitment to Norwood’s revitalization remains unwavering.
In conclusion, the acquisition of the former Multi-Color Corp. facility represents a significant milestone in PLK Communities’ ongoing mission to create thriving, sustainable communities where people can live, work, and thrive. As we embark on this transformative journey, we invite residents, stakeholders, and partners alike to join us in shaping the future of Norwood—one thoughtful investment at a time. Together, we can build a community that honors the past, embraces the present, and paves the way for a brighter tomorrow.
Read the Cincinnati Business Courier Article: [CLICK HERE]
Watch the Announcement Video: [CLICK HERE]
Partake in Community Survey: [CLICK HERE]