Ashley Commercial Group (ACG), a full-service real estate firm specializing in construction, development and property management, plans to convert a historical building in downtown Cincinnati to self-storage. The company purchased the property at 151 W. Fourth St. in February for $3 million and was granted a variance by the city’s Historic Conservation Board to redevelop it for storage, according to the source.
ACG received permission to make changes inside the structure, but the company has pledged to maintain the building’s “historic and aesthetic integrity,” the source reported. The project will include some exterior alterations, including the installation of a garage door and replacement of an awning, the company revealed during a presentation this week to the board. Tenants will load belongings from the rear of the building off of Benham Alley, and the first floor is expected to remain available as retail space.
Two companies, Lynn Imaging and Pep Promotions, currently have open leases with the building, although Lynn Imaging vacated its space several years ago, according to the source. ACG expects the 91,075-square-foot structure to be vacant in 2016.
City officials believe self-storage is a good use for the historic structure because of an increase in the number of people moving downtown and a lack of storage options in the immediate area. The closest self-storage facility to the property is two miles away in Covington, Ky., the source reported.
“With the typical apartment unit containing less than 1,000 square feet, there is not a lot of room for extra personal property,” Cincinnati attorney Barrett Tullis wrote in a letter to the board. “The people moving downtown need a place to store their belongings. Ashley is seeking to fill this demand.”
Based in Edgewood, Ky., ACG specializes in construction services, development, property management and urban redevelopment projects.
Sources:
- Cincinnati.com: Downtown Offices Converting to Self-Storage
