UC awards contract to purchase Emery Center to development partnership

The University of Cincinnati and a development partnership, 100 Central Parkway, LLC, led by long-time local developers Dave Neyer and Chris Frutkin, have signed a contract for the purchase of an Over-the-Rhine residential property, the Emery Center, for $8.55 million.

The Samuel Hannaford-designed Emery Center, located at 100 Central Parkway, includes 59 apartments, the Emery Theatre, a retail-front business Coffee Emporium and business offices. As part of the bid for the property, 100 Central Parkway, LLC, submitted a letter of support from The Children’s Theatre of Cincinnati (TCT) as the potential end user of the historic Emery Theatre.

THE FUTURE OF THE BUILDING AND PERFORMANCE SPACE
“We are very excited to begin exploring the development possibilities of the Emery Center and Theatre. While we have lots of due diligence ahead, the opportunity to serve as custodians of a gift from Mary Emery to the citizens of Cincinnati is an honor. We look forward to determining the possibilities for one of Cincinnati’s crown jewels,” said Neyer. He is retired president and CEO of Al. Neyer and current principal of STNL Development, which focuses on developing facilities for businesses with strong growth plans.

Neyer partnered with Frutkin to form 100 Central Parkway, LLC, in order to purchase the property. Frutkin is the owner and founder of City Center Properties, which focuses on the preservation and reuse of historic properties throughout the region.

“This is a win for everyone. It’s a win for those of us who love architectural history and want to engage with Cincinnati’s unique heritage in its built environment. It’s a win for the university and its needs to focus on its core mission of education and research. And it’s a win for the wider community as we explore the potential in this landmark building,” said Frutkin.

The development team of Neyer and Frutkin will be evaluating apartment and common area upgrades as well as returning the Emery Theatre to its role as one of the premier, acoustically perfect venues in the country in partnership with The Children’s Theatre of Cincinnati.

Kim Kern, managing director and CEO of The Children’s Theatre of Cincinnati, said, “While there is a lot of work to be done and many unknowns, we look forward to furthering the discussions to see if we can return TCT to its original home from 100 years ago.” The legacy of The Children’s Theatre of Cincinnati began with Helen Schuster-Martin and the Schuster-Martin School of Drama in 1919, and continued with the Junior League Players in 1924. The Children’s Theatre of Cincinnati performed in the Emery Theatre until 1969.

HISTORY IN BRIEF OF THE EMERY CENTER AND THEATRE
The Emery Center was originally built as home to the Ohio Mechanics Institute in 1911. The theatre within the building, considered acoustically pure, was home to the Cincinnati Symphony Orchestra from 1912-1936.

UC acquired the building in 1969 due to a merger between the university and the OMI/College of Applied Science. In 1988, the OMI/College of Applied Science educational offerings and programming moved to a new location. The theatre was little used at that time, and in order to preserve the overall building for life and use, UC subsequently leased the building and its management to Emery Center Apartments Limited Partnerships (ECALP) to oversee renovation into apartments, which was the only realistic, continuing use in order to preserve the structure.

In December 2018, the university received permission from the State of Ohio to sell the property since its function as an apartment building did not fit with UC’s core mission of education and research.

This is one of many instances wherein the university has sold downtown property because such property did not fit with its mission. For instance, the bequest that led to the founding of the institution we today call UC was actually a bequest of numerous properties downtown, not a monetary bequest. The university eventually sold these properties because continued ownership did not align with the university’s role in the areas of teaching and research.

MOST OF THE SALE PROCEEDS TO REPAY LOANS AND GRANTS FOR PAST BUILDING RENOVATIONS/MAINTENANCE
The UC signatory to the contract was Robert Ambach, senior vice president for administration and finance.

He explained that most of the sale proceeds would go toward final repayment of loans and grants that made possible not only the 2001 renovation of the structure for continued life and use, but also for maintenance needs since that time.

“UC’s commitment as a public citizen to preserve and use the building was such that we leased to Emery Center Apartments Limited Partnership for $1 a year. Beyond that, the university provided grants and loans toward renovation, maintenance and care of the building that total over $3 million since 1999. In addition, ECALP borrowed city funds toward the renovation. From the proceeds, these university and city loans must be repaid,” said Ambach.

After these obligations are repaid from the proceeds, it’s expected that the university will realize approximately $2 million, which it will invest toward key teaching, research and engagement priorities outlined in its Next Lives Here strategic direction.

Stated Ambach, “Our role and our goal in UC’s shared history with the Emery Center has always been as a steward. In the decades that UC has owned the Emery Center, we first fulfilled our role as a public institution with a public trust by employing the building for educational purposes. When that was no longer possible, we fulfilled our role as a good citizen by helping to make it possible to preserve the building.”

He added that now that the building passes to those who will oversee its future, “we continue as stewards, using the proceeds toward our core educational mission, which will in turn benefit students, faculty and staff as well as the wider community.”