Construction starting on Newport apartment building

NEWPORT The group that built the SouthShore condominiums tower will begin construction on a new building with more than 90 upscale apartments.

A ground-breaking ceremony is set for 9 a.m. Thursday for the Vu 180 building, which will house 93 high-end rental apartments. The building will be located between the I-471 Big Mac bridge and the existing SouthShore tower on the riverfront in Newport, said David Bastos, a partner with the Capital Investment Group, Inc.

The building will be four stories of one- and two-bedroom apartments above a parking area. Rent for a one-bedrooms apartment will be about $800 per month and a unit with two bedrooms will be about $1,400 per month, Bastos said.

The construction of the building is estimated to take a year and will cost $15.8 million, he said.

Vu 180 is the second phase of the SouthShore development project, said Adam Caswell, president of the Campbell County Economic Progress Authority. Caswell said the expansion to SouthShore will benefit the demand for rentals in the area.

With the difficult economy, owning is not a viable option for everyone, and having the opportunity to rent high-end apartments is in demand, Caswell said.

The new building is the first major development to SouthShore since 2007. Capital Investment waited for the condos in the SouthShore tower to sell out before starting construction on the Vu 180 building, Bastos said.

The third phase of the project will be another condominium tower on the other side of the SouthShore tower, he said. Construction will begin on that tower after all of the apartments in Vu 180 are rented. Bastos estimates it will take five to six years to fill the building, adding that about 10 condos in the SouthShore tower are sold each year.

The project is part of a continuing demand for downtown living for people who want the close proximity of downtown Cincinnati, Newport and Bellevue, Bastos said.

For the past 10 years, he said, Capital Investment Group has been focusing on the niche market of young professionals taking part in Newports urban migration.

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Construction starting on Newport apartment building