As the proud developers and stewards of the Factory 52 project in Norwood, we at PLK Communities are delighted to share the latest strides in our transformative journey. Recently highlighted in the Cincinnati Business Courier, our development is entering an exciting new phase that underscores our commitment to creating a dynamic and sustainable community hub.
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Embracing Growth: Factory 52 Phase 1B
In the final quarter of 2023, we embarked on Phase 1B, a critical chapter in the evolution of the reimagined former U.S. Playing Card site. At the heart of this phase is a $25 million apartment building, a testament to our dedication to providing innovative housing solutions that align with market demand.
The structure, meticulously designed in collaboration with GBBN, will introduce 128 units in 2024, expanding the Factory 52 residential portfolio to an impressive 440 units. Significantly, we've heeded the preferences of our diverse community, with a strategic focus on smaller units, predominantly studios and one-bedroom apartments. This decision stems from a keen understanding of the needs of our demographic, particularly young professionals who value efficient and dynamic living spaces.
Architectural Harmony: Bridging Past and Future
Our design ethos for the new building is an ode to architectural harmony. Dark brick, copper balconies, and distinctive metalwork seamlessly weave together the historical tapestry of Factory 52 while providing a forward-looking glimpse into the future of contemporary developments, notably those closer to Interstate 71.
As we progress, our ambition is not just to construct buildings but to weave a story through design elements that reflect the evolving identity of Factory 52. Our Chief Development Officer, Nick Lingenfelter, aptly encapsulates our vision, "As we continue to progress forward, we are going toward, ‘Where is Factory 52 going next?’ and trying to show that evolution through our building materials."
Milestones and Anticipated Timeline
With construction in full swing, we anticipate visual movement on-site between January and February 2024. The turnover of the first units is projected towards the end of 2024, with a completion target in spring 2025. Rent pricing, reflective of market dynamics, will be determined closer to completion.
Diverse Living Spaces: The Loft-Style Experience
Beyond the residential building, our commitment extends to offering diverse living experiences. A prime example is the addition of eight loft-style rental units atop the former U.S. Playing Card power plant site. With an expected completion date in March 2024, this building will not only offer distinctive living spaces but also house ground-floor retail spanning 6,000 square feet, seamlessly integrating with the surrounding parks.
Looking Beyond: Ambitious Plans for Factory 52
Our journey with Factory 52 does not conclude with Phase 1B. Anticipating the diverse needs of our community, we are actively exploring opportunities for future developments. January to February 2024 will mark the unveiling of our plans, which may include a hotel, office building, and a final apartment building.
Conclusion: Building Tomorrow, Today
As we navigate the exciting chapters of Factory 52, we remain steadfast in our commitment to innovation, sustainability, and community building. We extend our gratitude to everyone who has been part of this journey, and we invite you to stay tuned for more updates as we collectively build the future of Factory 52.
Thank you for being part of the PLK Communities story. Let's continue shaping tomorrow, today.
🖤 ❤️ Live Proud. Live PLK. ❤️ 🖤
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