4 years and a $6.2 million dollar development deal. Read how I landed this incredible opportunity below.
An 18 home-development project that provides housing opportunity to those who need, at an affordable cost , in what will be, one of the hottest areas of Cincinnati, OH, that is my dream.
With vision, intuition, and determination I will contribute to the development of the next hottest city in Cincinnati, OH while also providing housing opportunities to those in need at an affordable cost.
The City of Cincinnati published a RFP (Request for Proposal) in 2018 for a 4 acre site they own in Avondale.
A request for proposal (RFP) is a business document that announces a project, describes it, and solicits bids from qualified contractors to complete it.
Foreseeing the potential growth of the area; I saw the development and investment opportunities. With the upcoming development of Avondale, I had a feeling an opportunity to participate would yield a great return on investment.
According to a recent study conducted by Zippia, only 30% of real estate developers are female.
I responded to the RFP and won the right to develop it.
Since Avondale is an up and coming neighborhood-meaning, there weren't any comps at that time to justify this development.
Comps are used to determine the value of a home or property by comparing it to similar properties sold in the same neighborhood or area.
I had to think outside of the box which led me to my next, critical step.
I requested help from the City of Cincinnati by enrolling in a program they offer just twice each year. They generously granted a funding allowance.
The funding that I received allows me to perform all site work, including underground utilities, and the addition of a new street, connecting Alaska and Harvey Avenues.
Without making this move, this development would not be happening.
In all great stories, there are speed bumps.
Unfortunately, when the soil was tested we discovered that the building previously on that site wasn't demolished correctly and there were remaining remnants.
I didn't see how I could move forward and the development deal nearly vanished.
In addition to my unfortunate discovery; construction costs increased dramatically over the four-year course of the project.
I am relentless and elicited help from a Civil Engineer. Together, we found a way that would enable us to make alternative improvements to the site. In addition, Cincinnati Children’s Hospital is providing funding to allow the selling of accessible homes at a cost that is less than the cost to build.
Currently, I’m completing the final steps of preparation. The goal is to break ground in March, 2022. We will be building 18 single family homes with 5 of these homes reserved for families with a disabled individual at home. The accessible ranches will be priced around $225,000 and the other homes will be priced at $330,000 and above.
Special thank you to the Avondale development corporation. A nonprofit that is a co-developer providing community engagement. Russell Hairston is the Executive Director and Maria Collins is the Real Estate Development Director of ADC. They have been so great to work with.
With vision, intuition, and determination I will contribute to the development of the next hottest city in Cincinnati, OH while also providing housing opportunities to those in need at an affordable cost.
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