The Offices at Vernon Manor
Urban Development – Adaptive Reuse – Office – Structured Parking
- 171,000 sf 7-story office building
- 5.6 acre site
- 440 vehicle parking garage
$7.1 million in financing for public
parking garage from City of Cincinnati/
State of Ohio
New Market Tax Credit allocations, net
benefit of $9.9 million
Federal Historic Tax Credits, net benefit of
- 17-year lease from Cincinnati Children’s Hospital Medical Center for 100 percent of property
A new chapter for a significant neighborhood landmark
Cincinnati Children’s Hospital Medical Center committed to a 2010 expansion in Avondale that is a visible community anchor for the world-class pediatric health care delivery and research organization. Cincinnati Children’s now occupies an historic 1920s hotel that Al. Neyer renovated for its adaptive reuse into modern office space. Al. Neyer purchased the Vernon Manor property and several key sites adjoining it, resulting in a $37 million transformation including construction of a separate structured parking facility.
Minority inclusion and community outreach were a critical priority in this project. A majority interest of the Vernon Manor redevelopment is owned by Real Estate Enterprises for African-American Leaders, LLC (REEAAL), committed to the imperative of meaningful investment in commercial real estate opportunities.
“As we continue to grow and need more space for our now nearly 12,000 employees, we want to preserve our connection to this community and to the City of Cincinnati. The Vernon Manor is a great location for us. It is an absolutely beautiful and historic
building and we are thrilled to see it
preserved. We are grateful to Al. Neyer and to the investor group who are making this renovation possible.
Michael Fisher President/CEO