Madisonville Redevelopment

Property Features

Project

The redevelopment of Madisonville’s business district, at the intersection of Madison Road and Whetsel Avenue, has been a decade in the making. 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, neighborhood leaders, 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 the master developer. 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. All phases have been completed of the mixed-use development, along with renovations and upgrades for the existing Madison Center at 5818 Madison Road, and the historic Fifth Third Building has become the home to a new brewery. The Madamore Development has prominent corner locations available specifically designed for restaurants and bars. All offer spacious fenced patios on Madison Rd. We are located in the Madisonville Community Entertainment District. There are 6 additional liquor licenses available.

Phase One

* 10,000 Sq Ft Commercial

* 104 Apartments

Available Now:

2,727 SF

2,864 SF

1,884 SF

Phase Two

* 7,000 Sq Ft Commercial

* 116 Apartments

Available Now:

1,500 SF

1,031 SF

3,209 SF

Phase Three

* 16,400 Sq Ft Commercial

* 92 Apartments

Available Now:

2,304 SF

2,372 SF

2,363 SF

Redeveloped Madison Center

* 10,000 Sq Ft Commercial

* 55 Parking Stalls

Available Now:

1,400 SF

Population

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. Its 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 city’s economic comeback. The population increased 95.8% from 2010 to 2020 as people and businesses continued to flock to the area.

Home Prices

The project has helped speed up redevelopment in Madisonville. Average home sale prices in Southwest Ohio climbed 22.5%t from 2013 to 2017. In 2018 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 $1.4 million. Renovated three-bedroom, two-bathroom homes are selling for more than $250,000.

Attachments

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