Griffey finds local home at Adams Place
Business Courier of Cincinnati - April 21, 2000by Dan Monk
The newest Griffey family in Cincinnati has settled into a luxury Adams Place condo purchased for $540,000, a deal that netted the seller a 24 percent mark-up in less than two years.
Ronald Crossland bought the condo for $411,500 in June 1998, according to Hamilton County records, before closing the deal with Reds centerfielder Ken Griffey Jr. April 12. Neither Crossland nor Griffey could be reached for comment, and the exact floor or unit at the 79-condo tower purchased by the Griffeys could not be determined.
What sold Griffey and his wife, Melissa, on Adams Place, according to local real estate sources, is the standing plan to construct a pedestrian walkway over East Pete Rose Way, allowing Melissa to walk the couple's two children to Dad's baseball games at Cinergy Field through scenic Bicentennial Commons and Sawyer Point.
Adams Place condos are marketed for between $250,000 for lower-level units to the $1 million penthouse units on top; the units between typically fetch from $300,000 and $500,000. The Griffey condo has a solarium and outdoor deck, sources said.
The search for a new home for Junior was wrapped up fairly quickly, considering he didn't even know he'd be playing for Cincinnati until the Feb. 10 trade with the Seattle Mariners. Griffey and his local Realtor, Barbara Horter with Sibcy Cline, also looked at some single-family homes in Cincinnati and Northern Kentucky prior to purchasing the Adams Place condo, sources said.
Adams Place recently sold out all 79 units, marking a first for the tower that opened with high hopes in 1993. Stalled sales in its opening years forced a good deal of tumultuous relations between the original developer, Benenson Capital Co. of New York, and the city of Cincinnati, as well as numerous revisions of the overall plan. Towne Properties of Mount Adams joined the project as a marketing agent several years ago.
Disagreements between Benenson and the city spilled over into Hamilton County courtrooms several years ago, a legal saga that is still continuing, which means the pedestrian bridge probably won't be built anytime soon. No matter, since Griffey signed a nine-year, $116 million contract. Griffey's family is expected to live at Adams Place during the summer months Junior's son, George Kenneth Griffey III, or "Trey," isn't in school at home in Orlando.
If you're doing the math, rough numbers estimate that with Junior's $12,888,888 average salary, divided by the 162 games the Reds will play this year, he makes a little under $80,000 a game. At that rate, it would take Junior a little less than seven games to raise the cash to buy the condo, in gross figures -- paying it off sometime in the bottom half of the seventh inning of that seventh game. http://www.bizjournals.com/cincinnati/stories/2000/04/24/tidbits.html