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.

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