Construction of the second phase of Mercer Commons is nearly complete, but the Cincinnati Center City Development Corporation (3CDC) is changing the plan for the third phase of the development. As 3CDC didn’t receive a New Markets Tax Credit for the project, the office component has been dropped and could be replaced with more residential. Several other 3CDC projects will be moving forward as planned, without the tax credits. More from The Enquirer:
“Our work program still remains incredibly aggressive,” said Stephen Leeper, 3CDC’s president and chief executive. Leeper and other 3CDC officials made the comments last week at an Enquirer editorial board meeting.
3CDC, though, is shelving plans to develop a new office building as part of Mercer Commons’ third phase and a mixed-use project at 15th and Race streets in Over-the-Rhine. […]
The $18.3 million Mercer Commons plan on 14th Street between Vine and Walnut called for creating 53,000 square feet of office space. Gelter said a company approached 3CDC about developing the building, but the project wasn’t feasible without tax credits. The site could be repositioned as residential.