During the heady housing market of 2005, the Corporex Companies sought to invest their significant commercial real estate experience into a landmark residential development at the head of the J. A. Roebling Bridge, Cincinnati’s historic precursor to the Brooklyn Bridge. They commissioned a best-in-class team of designers led by Daniel Libeskind Studios and set new precedents in both complex construction and luxury residential marketing.
Over six years, Market Foresight was engaged as their market advisor. Metro Cincinnati had no comparable luxury experience amid the national surge in housing and we brought forecasted demand modeling and real-time pricing strategies. We were in the room to design the residences that would be wrapped within the sculpted Libeskind shell. We counseled on the pre-construction promotions and subsequent sales performance. The Ascent was completed in early 2008 and first residents arrived even as the national financial crisis loomed. With our housing market insights, the project stood then and stands today as the premier choice for luxury Riverfront living.
These insights would serve other projects to follow, both new construction and the renovation of other historic urban assets. However, during the Great Recession and its recovery, the draw to luxury residential would recede and expose these projects to critical delays. Market Foresight served as expert witness for at least two legal disputes that would measure the impact of delays, lost sales and their financial implications.
If you have plans for a new residential development, urban redevelopment, mixed-use project, or community planning project and want to make sure your project starts off on the right foot, please feel free to send me an email.