CRG Residential has plans to replace Newport Intermediate School, 101 E. Fourth St., with a development featuring about 200 apartments.
Based in Carmel, Ind., CRG specializes in the renovation and redevelopment of multifamily housing properties. The company worked on
One Lytle Place on the Cincinnati riverfront.
The Newport project is still in the early design stages, but CRG Vice President of Development David George says that they’re excited about the coming development.
"We really like Newport, and it has lots of amenities with the movie theater, aquarium and Hofbrauhaus," he says. "It’s an exciting place to live. There’s also a growing job base, and all of those people need somewhere to call home."
The apartments will be one- and two-bedroom units geared toward millennials and empty-nesters who are looking to move closer to the urban core or out of busy downtown Cincinnati. Units will be similar in size and pricing to those at
Monmouth Row, a Towne Properties project. CRG also plans to have first-floor retail space along Monmouth Street.
Newport School District will continue to use the
Intermediate School building through the 2015-16 school year, and CRG will then purchase it for $2.6 million. The deal is scheduled to close Aug. 1, 2016.
An architect hasn’t yet been chosen for the project, which will demolish the school building and replace it with new construction.
Barrett & Stokley will own and manage the apartments, and they should be move-in ready by the end of 2016 or early 2017.
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