- Outdoor Area
- Mixed-use building with 24,000 square feet of commercial space topped by 104 apartments
- Renovations and upgrades for the existing Madisonville Retail Center at 5818 Madison Road
The redevelopment of Madisonville’s business district has been a decade in the making. Work has finally started on a project that will kick-start it at the intersection of Madison Road and Whetsel Avenue. The first phase is to include a new mixed-use building with 24,000 square feet of commercial space topped by 104 apartments, renovations, and upgrades for the existing Madisonville Retail Center at 5818 Madison Road, and the historic Fifth Third Building that will be home to a brewery.
In total, 30 million will be invested in the first of a planned three-phase development. Dobbs Ackermann, CEO of Ackermann Group, said “Madisonville has all the elements in place for it to be a thriving and successful community. The stimulus that was needed was the development of the four blocks (of Madison and Whetsel)”.
In the 1950s, East Siders shopped at the two grocers, butcher, and bakery in downtown Madisonville. The neighborhood boasted a movie theater, sporting goods store and a well-known shoe store as well. Madison Road was the retail hub for half the city. It’s population in 1960 was 17,447 compared to 9,141 in 2010 due to the development of Kenwood Towne Centre and other retail areas. Surrounded by wealthier communities, the neighborhood became a place to drive through, not go to. The redevelopment of Madisonville’s heart is expected to bring hundreds of new residents, increase property values, create new jobs and businesses, and continue to strengthen the economic comeback of the city.
The city of Cincinnati quietly started buying property in the area in 2008. That year, Madisonville’s business district was also named a target area for redevelopment opportunities in the Go Cincinnati report and the demolition of dilapidated buildings started. In 2012, Madisonville completed a quality-of-life plan with the help of nearly 200 residents, leaders of the neighborhood, organizations, and businesses. By 2014, the city of Cincinnati had acquired about 7 acres at the Madison and Whetsel intersection and sent out a request for qualifications to the development community. Ackermann Group was selected as master developer and for the past three years, they have been working on the project. Financing the project has been the most challenging hurdle but in 2017, the Madison & Whetsel project was awarded $18 million in New Markets Tax Credits. With the development now under construction, Phase 1 of the project is expected to be delivered in the first quarter of 2020.
Just the potential of this project has helped speed up redevelopment in Madisonville. Average home sale prices in Southwest Ohio climbed 22.5%t from 2013 to 2017. Last year, the average sale price was $207,169, up from an average sale price of $165,037 five years ago. Madisonville home prices have eclipsed that pace. The average home sale price in 2013 was $65,736, according to data from MLS of Greater Cincinnati. Last year, the average sale price jumped to more than $117,000, an increase of more than 78%. Madisonville’s home sale prices have continued to climb this year. Homebuilders are buying vacant lots and constructing new homes priced as high as the $300,000s. Renovated three-bedroom, two-bathroom homes are selling for more than $250,000.