Neyer Properties was awarded nearly $5 million in Ohio Historic Preservation Tax Credits to aid the company’s $40 million redevelopment of Grand Baldwin into loft-style apartments. Originally constructed in 1921, the 8-story Grand Baldwin building, formerly the home of the Baldwin Piano Factory, sits prominently along Interstate 71 and Gilbert Ave. in Walnut Hills, just north of downtown Cincinnati.
“These tax credits are a critical component to enable us to bring back the grandeur and history of the building,” said Neyer’s Vice President of Real Estate Development Chris Dobrozsi. The building was converted to office in 1987, but the distinctive features of the building were covered over rather than removed from the building.
Grand Baldwin is the sole surviving building associated with the well-recognized Baldwin Piano Company. This project will transform the vacant building into a thriving residential apartment community while opening up parking spaces in the garage which will allow the adjacent Baldwin office building to be filled with 400 new office jobs. The project is well located in a prime location with direct access to amenities surrounded by an active arts and cultural district including Eden Park, the Cincinnati Art Museum, Krohn Conservatory, Mt. Adams, and Downtown. We strongly believe that this project will be the “southern anchor” to the continued revitalization of the Walnut Hills business district.
The Grand Baldwin building was built in the early 1920s and at the time, the site featured more than 2,000 employees. By 1925, the site produced more than 11,000 pianos from its two plants. The Grand Baldwin building was designated as a historic landmark this year, and the redevelopment of the project would not be possible without the partnership with and support of the State of Ohio, City of Cincinnati, and numerous other key partners.