History
In the 1800s, Cincinnati's bustling textiles industry was dispersed throughout the Third Street core of the city. At the turn of the century, Cincinnati began to centralize industries into singular buildings. Under this initiative, the Textile Building was conceived as an attempt to consolidate the city's textile industry. Local architect Gustave W. Drach was selected to design the structure, and he incorporated aspects of both the Chicago school of architecture and the Renaissance Revival style into his plans. Construction was completed in 1906. [1] [2] The building's baseboard was built with green marble. The wainscoting used Tennessee marble, with gray marble in the lower portion and red in the upper. [3] The exterior facade consists of brick and terracotta. [1]
In 1976, the Textile Building was included as a part of the West Fourth Street Historic District's admission to the National Register of Historic Places (amended August 13, 1979). [4] By the 1980s, the Textile Building was owned by Duke Realty, who undertook an extensive renovation of the building in 1986. In 1987, the building was converted into class A office space. [1] The building was sold in the 1990s to a real estate syndicate, and sold again to K-B Opportunity Fund I, which is owned by Koll-Bren of Newport Beach.
On March 1, 2016, the Textile Building was purchased for $12 million by an affiliate of the national historic property developer Hudson Holdings LLC. The firm planned a $70 million renovation that would have transformed the building into a mixed-use property. [5] In 2017, affiliate HH Cincinnati Textile was sued by Acres Capital Servicing for defaulting on a $20.3 million debt. The lawsuit stated that the affiliate had been collecting rent payments from tenants but did not deposit them as required. In April 2018, the property was placed into receivership under Foresite Realty Advisors CEO Donald Shapiro in order to collect on the defaulted debts. In June 2018, Shapiro reported that the building was about 74% leased and was in “fair condition”. Later that year, a Hamilton County judge authorized the receiver to sell the property free and clear of liens. [6] [7] [8]
In early 2019, the building was purchased by an affiliate of Washington, D.C.-based developer Bernstein Cos. for $8 million. [7] Bernstein subsequently announced that the building would be converted into a residential structure at a projected cost of $69 million. In late 2020, the developer received $5 million in tax credits from the state due to the building's historic status. [9] HGC Construction and design firm Strada were hired to assist with the project. In addition to 282 market-rate apartment units, the redesigned building included street-level retail, recreational facilities, and storage space. The interior of the building was remodeled to resemble a warehouse, referencing the building's industrial past. The majority of the exterior facade was preserved. [1] The building opened to residents in 2023 under the name Textile Apartments. [10] [11] In 2024, Bernstein purchased the adjacent Hooper Building and announced that it would also undergo residential conversion. Plans for the conversion called for Hooper Building residents to have access to common facilities in the Textile Building, while Textile Building residents would have access to the storage units in the Hooper Building. [12]
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