There's a lot to love about one of the newest residential additions to a historical Cincinnati neighborhood.
The third phase of development at Madamore Apartments was recognized as the Multifamily Development of the Year in Cincinnati, Ohio, as part of the 2023 CoStar Impact Awards. The entrants were judged by a panel of real estate professionals familiar with the market.
Cincinnati-based owner and developer Ackermann Group broke ground on the third phase of development at Madamore Apartments in December 2020, and the project was completed Aug. 12, 2022. By October of that year, all of the building's more than 300 units had been leased.
Rising construction, material and labor costs as well as supply-chain delays resulted in some changes to Madamore Apartments' architectural planning. This included shifting floor plans in the midst of construction to focus on more studio apartments, especially given a demand increase for more affordable units.
Madamore Apartments is located in Madisonville's neighborhood business district and is just a 15-minute drive from downtown Cincinnati. The property's name, "Madamore," combines "Madisonville" and "Amore," the Italian word for love.
Madamore Apartments features gym facilities, a yoga room, a game room, co-working spaces, a pool and aqua lounge, a second-floor open-air sports bar and outdoor patios equipped with grill stations.
Ackermann Group also partnered with a local nonprofit organization called Artworks, which brought 12 artistic bike racks, exterior benches, a unique light installation and three murals to the building. Each of these pieces pays homage to the historical role that jazz music plays in the Madisonville neighborhood.
As part of the development, Ackermann Group moved its home offices to part of the building's retail space. Other retail space tenants include the Cincinnati Wood Collaborative, a local library branch and Bad Tom Smith Brewery.
About the project: Madamore Apartments at 4919 Whetsel Ave. in Cincinnati, is a five-story, 316-unit building with 155,430 square feet, including 45,000 square feet of ground-floor retail space. The property is owned by Cincinnati-based Ackermann Group.
What the judges said: "This project is making a much needed huge impact to Madisonville and it is great that they have 20% of units being income restricted and affordable," said Gueorgui Chikov, vice president of sales and leasing with NAI Bergman.
"This development took amenities to the next level. In today's age where working from home is more prominent, unique amenities are key for the residents. The success of this project shows how spot on this development was in creating the right amenity spaces to attract tenants," said Brett Lowery, director of sales and leasing with Coporex.
They made it happen: Gabriela Smith, marketing and digital strategy for Ackermann Group.
