For Immediate Release
September 30, 2019
NEST Selects Pennrose as Co-Developer of 4145 Apple Street
NEST, Northside’s non-profit Community Redevelopment Corporation, has selected Pennrose, LLC as the preferred co-developer of the commercial site at 4145 Apple Street. NEST acquired the property with the support from the City of Cincinnati via the HUD Community Development Block Grant funding program.
“NEST is thrilled to have selected Pennrose to be our first commercial development partner on a project that we know is critical to the community,” said Sarah Thomas, Executive Director of NEST. “Bringing new, affordable housing to Northside is a top priority for our organization and our community.”
The property has a long history of commercial grocery stores and was eyed for grocery redevelopment since Save-A-Lot’s closing in 2013. Due to significant funding hurdles within the Apple Street Market project, NEST’s commitments to funding partners necessitated it move forward with a Request for Qualifications in April 2019.
After an eight week process examining seven responses, NEST’s Selection Committee identified Pennrose as the preferred co-developer based on their substantial experience and meaningful outlook towards community development. NEST and Pennrose are currently working with the Apple Street Market team to determine the feasibility of incorporating food access into a larger affordable housing development on the site.
“At Pennrose, our goal is to improve lives and communities through high-quality housing and mixed-use development,” said Lasserre Bradley, Regional Vice President at Pennrose. “Our focus on community impact perfectly aligns with NEST’s mission to transform the Northside neighborhood and create lasting change. We look forward to working together to develop a new, affordable or mixed-income housing development that is an asset to the entire neighborhood.”
As one of the nation’s largest owners and developers of affordable housing, Pennrose has in-depth experience working on multi-site, multi-phase redevelopment efforts throughout the country. Most recently in Cincinnati, Pennrose was selected by the College Hill Community Urban Redevelopment Corporation to build a 173-unit mixed-use development with 10,500 square feet of commercial space on 7.5 acres of City owned land in the College Hill neighborhood.
With nearly 50 years of experience, Pennrose combines quality development and proven management to deliver exceptional lifestyle-centered communities for its residents. With the superior knowledge and unparalleled dedication to get the job done right, Pennrose develops and operates both conventional and affordable communities throughout the Eastern and Midwestern portion of the United States. For more information visit www.pennrose.com.
Northsiders Engaged in Sustainable Transformation (NEST) is a conscientious community redevelopment corporation dedicated to ensuring Northside thrives as a vibrant and sustainable community by preserving, improving and creating the neighborhood’s built environment. For more information visit http://northsidenest.org.