The $84 million redevelopment of two historic buildings in Cincinnati into the Mercantile Apartments is part of a broader overall trend in the city. The project by The Model Group has added 172 upscale residential units to the city.
The completion of the Mercantile Apartments has earned it a 2025 CoStar Impact Award for redevelopment of the year for the Cincinnati/Dayton market, as judged by real estate professionals familiar with the market.
The full development project included the Mercantile and Formica buildings, which share interconnected floor plates. The apartments offer studio, one-bedroom, two-bedroom and three-bedroom units, as well as two- and three-bedroom penthouse units. Amenities include a 14th-floor lounge, panoramic views, a 24-hour fitness center, a clubroom with billiards lounge, an outdoor roof deck with a grilling station and a complimentary membership to the Mercantile Library of Cincinnati.
The Cincinnati market has seen a surge in residential projects to revitalize the city’s core. The redevelopment of the historic properties helps further position the city as a desirable place to live.
About the project: The Model Group redeveloped Cincinnati’s historic Mercantile and Formica buildings into the Mercantile Apartments, which opened for tenants in October 2024. This adds 172 upscale apartment units. The full redevelopment project in Downtown Cincinnati cost $84 million.
What the judges said: "Mercantile will have a huge impact to the central business district and urban core. The 172 new units and library will revitalize the area and have significant impact to surrounding businesses and economy," said Joe Wiles, a managing director at Colliers
"This was a large undertaking by The Model Group and will be providing market rate housing to working professionals downtown and supporting the downtown office and retail markets," Gueorgui Chikov, vice president of sales and leasing for NAI Bergman added.
They made it happen: Bobby Maly, CEO and principal of The Model Group; Art Reckman, founder and principal of The Model Group; Steve Smith, principal at The Model Group; Bob Keppler, president of construction at The Model Group; and Matt Reckman, president of property management and principal at The Model Group.