CINCINNATI—Downtowns across the nation have become far more popular places to live, attracting new businesses to serve the new residents and creating a 24/7 environment. And many developers have started to see opportunities in historic downtown buildings that can meet this new demand at a lower cost than new construction.

Village Green, for example, one of the nation's largest and oldest privately-owned developer, owner and manager of luxury apartment communities, recently purchased 309 Vine St. in downtown Cincinnati. The Farmington Hills, MI-based company intends to redevelop the 300,000-square-foot, 1920's era, Beaux–Arts commercial building into a mixed-use development that will open in 2016.

“We are excited about the potential of this building to be a mixed use development,” said Jonathan Holtzman, chief executive officer of Village Green. “Redeveloping historic properties is one of our specialties and this is a beautiful structure in a great location. Downtown Cincinnati is evolving into a 24/7 city and this property's proximity to offices, hotels, cultural and sports venues, entertainment and restaurants make it an ideal opportunity. Plans for the building include luxury apartments, penthouses, market, restaurant, offices and a name change.”