CINCINNATI (CINCINNATI ENQUIRER) - The University of Cincinnati has agreed to sell the Emery Center to a development partnership for $8.55 million, university officials said Tuesday.
The purchase also includes a letter of intent from the Children’s Theatre of Cincinnati to explore a renovation of the center’s performance space for new use, according to our media partners at the Cincinnati Enquirer.
The University of Cincinnati and a development partnership, 100 Central Parkway, LLC, led by developers Dave Neyer and Chris Frutkin, have signed a contract for the purchase of the property.
The Emery Center, located at 100 Central Parkway in Over-the-Rhine, includes 59 apartments, the Emery Theatre, a retail-front business Coffee Emporium and business offices.
“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.
According to UC officials, the development team will be evaluating apartment and common area upgrades as well as returning the Emery Theatre to its role as a premier venue.
“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," Managing Director and CEO of The Children’s Theatre of Cincinnati Kim Kern said in a statement.