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Development News

New Development Adds Affordable Housing, Restaurant to Over-the-Rhine

Another development is coming to the Brewery District. The Historic Conservation Board approved a zoning variance that will bring fifty affordable housing units and a restaurant to several vacant buildings along the streetcar line.

Affordable housing in Over-the-Rhine (OTR) has received a lot of press recently. Freeport Row, the newly-christened Source 3 development at Liberty and Elm, was heavily criticized because it lacked any affordable housing. Most recent development has been market-rate or luxury apartments, despite the fact that OTR’s average median income was $14,517 in the 2010 census.

The fears aren’t unfounded; the neighborhood has lost affordable housing. Xavier Community Business Institute determined that OTR and Pendleton have lost 2,300 affordable housing units since 2002. This project — called Abington Flats — will help replenish that stock. Three different companies banded together to create Abington: 3CDC, Model Group, and Cornerstone Corporation Renter Equity. 3CDC is developing the commercial space, while the other two control the residential space. This project is part of a larger effort by the team to develop hundreds of affordable units in OTR.

Abington Flats consists of five buildings, the largest of which is 33 Green Street. Built in 1910, the four-story building features a commercial space on the ground floor with three floors of residential apartments above. Model Group Senior Project Manager Jennifer Walke said that all five buildings need “substantial rehab.” 33 Green Street will be 100 percent ADA accessible. The team is shooting for LEED Silver certification.

In an email to UrbanCincy, 3CDC Communications Manager Joe Rudemiller said that, depending on future tenants’ needs, there will be up to four retail or office space and up to two restaurants or bars.

Finding a restaurant or bar will be key to the project’s long-term financial viability. Tax credits fund a building’s development and construction; they don’t cover operating costs. Rent from below market-rate units might not cover its full cost. Rent paid by commercial tenants offsets this difference.

This is why investors rarely back affordable housing projects. It’s hard to profit. Plus, tenants with less financial security pose a greater risk to the owners. Cornerstone’s shared equity program strives to overcome this trend. Tenants can earn equity through timely rent payments and property maintenance. Build up enough equity and — after five years — it becomes cash. Abington Flats will use their system.

Total costs hover around $17 million — $13.8 million for the residential portion and $3 million for the commercial space. Several subsidies fueled the development, including Federal and State Historic Tax Credits and Low-Income Housing Tax Credits.

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Business Development News

$98M Health Sciences Building to Create Striking Landmark on UC’s East Campus

The University of Cincinnati has begun work on the new 110,000-square-foot Health Sciences Building in Avondale.

Located along Panzeca Way, immediately north of the massive Eden Avenue Parking Garage, the contemporary four-story building will house classrooms, labs and office space for the College of Allied Health Sciences. According to project manager Dale Magoteaux, classrooms will be located throughout the building, while lab and office space will be located in the building’s south and north wings, respectively.

The dean of CAHS, Tina Whalen, says that department heads closely coordinated with building designers to ensure that the needs of students, researchers and faculty were met, while also ushering in a new landmark building for the university’s east campus.

“We are thrilled that Perkins+Will has created a signature building for the college that will highlight our many educational, research and clinical service initiatives,” Whalen said.

The standout design for the $98 million Health Sciences Building will be further accentuated by the fact that it will be fronted by a nearly 1.5-acre green space that will create a natural entryway to the Kettering Lab Complex.

University Architect Beth McGrew says that the green space is part of the university’s larger commitment to creating a healthy and equitable campus environment.

“This is why green space is being created, as well as abundant natural light in the new structures, to provide a more enjoyable work place,” McGrew explained. “Along with this will be new classrooms to make space among the colleges more equitable with more opportunities for sharing.”

The schedule calls for the project to be completed in the fall of 2018, which is the same year the College of Allied Health Sciences will celebrate its 20th anniversary.

The project is part of a much larger program that is upgrading the surrounding collection of buildings through renovation or demolition and rebuild. That program of work is expected to be completed within the next three years.

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Business Development News

Christmas Came Early for Southwest Ohio Developers, Historic Preservationists

The Ohio Development Services Agency provided developers and historic preservationists around the state with an early Christmas present when they announced 18 projects that would receive Ohio Historic Preservation Tax Credits.

In total, the tax credits are worth $22.8 million and are expected to spur $225.6 million in private investment.

“A community’s historic buildings make it unique,” said David Goodman, director of the ODSA. “Giving a building new life honors the history of the building, while creating construction jobs in the short-term and opportunity for economic activity in the future.”

In recent years southwest Ohio had fared extremely well in the competitive bid process for the funds, and this round proved to be much of the same. This group of winning applicants includes five from Cincinnati, one from Hamilton, and two from the Dayton area.

One of the Dayton projects was the winner of one of the state’s two prestigious $5 million awards. That money will go toward the $46 million United Brethren Building project in downtown Dayton, which will transform the long-vacant, 112-year-old building into 164 apartments.

While the Cincinnati-region had the most number of awarded projects, most of the tax credits were small in size. Four projects, three located in Over-the-Rhine and one in Hamilton, received amounts ranging from $150,000 to $250,000. While small in scope, the projects will save numerous historic structures from demolition, while also creating dozens of residential units and commercial space.

The long-debated Freeport Row project, located at Liberty and Elm Streets, received a sizable $1,358,772 tax credit to help restore five historic structures as part of the overall $25 million development. Once complete, the project is expected to yield 110 apartments, 17,000 square feet of retail, and a total of 100,000 square feet of new construction on the vacant lots surrounding the historic structures.

Just blocks north of Freeport Row, along the Cincinnati Bell Connector, is another project that took home the largest tax credit in Cincinnati. Market Square III was awarded with $1,690,000 in tax credits and push forward the latest phase of Model Group’s massive redevelopment efforts surrounding Findlay Market.

Market Square III will renovate eight historic structures, most of which are currently vacant, to include street-level commercial space with 38 apartments in the upper floors.

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Arts & Entertainment Development News

Popular Brewery Rhinegeist Prepares Restaurant Space

Rhinegeist, the popular brewery in Over-the-Rhine, recently received approval from the city’s Historic Conservation Board to make alterations to the space at the southwest corner of their building, at the intersection of Elm and Eton Place.  Specifically, they requested to make the following modifications:

– Install a new lift/elevator and stairwell entrance

– Install new two-over-two windows

– Repair and improve stairs at entrance

– Install new entrance door

Within their application, they include proposed drawings for the space.  The renderings are of a restaurant that includes a kitchen, bar, dining area, and a private event/dining space.  Rhinegeist declined to comment or provide any further details on the space, saying they are not yet ready to make a detailed announcement.

This development follows a flurry of investments that Rhinegeist has made since opening in June of 2013.  Rhinegeist then invested $10 million to expand operations.  This included the purchase of their building from Orton Development for $4.2 million in November of 2014, new brewing equipment in early 2015, and the 4,500 square foot deck that opened in 2016.  The new production equipment enabled them to triple production from 11,000 barrels in 2014, the first full year of operation, to 31,000 barrels in 2015.  Rhinegeist also built an almost 8,000 square foot private event space in 2015 that began holding weddings and other events in September of 2015.

Besides changes made inside the building, several assets have been added outside of Rhinegeist since their opening in 2013.  In 2014, Rhinegeist was the first business to pledge funding for streetcar operations at $5,000 per year.  The Brewery District stop for the Cincinnati Bell Connector, which began operations in September earlier this year, is located just outside of Rhinegeist’s entrance.  In addition to the streetcar stop, Cincy Red Bike also opened a station outside of Rhinegeist’s entrance in July of this year.  Additionally, ArtWorks completed a mural outside the brewery last month.

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Development News

New Western Hills Viaduct Could Arrive in Late 2020’s

City officials recently unveiled plans for a new Western Hills Viaduct to replace the 84-year-old structure.

Built in 1931, the viaduct serves as the West Side’s main connection to the city’s urban core. “It affects everybody,” said Cincinnati City Engineer Richard Szekeresh, the project manager. Over 71,000 vehicles cross the bridge every day. However, a city study back in 2012 highlighted the bridge’s deteriorating structural conditions and the poor pedestrian and bicycle accessibility.

The current viaduct is a car haven. Vehicles zoom by a single, narrow sidewalk along the southern edge and cyclists are rare. According to Department of Transportation and Engineering officials, the new structure will be pedestrian- and bicycle-friendly and built to light rail specifications.

Wester Hills Viaduct NewNew cable-stayed design presented by DOTE

Design

Heading west, the current bridge passes over Interstate 75, the CSX Queensgate rail yard, and then deposits cars onto Queen City Avenue in South Fairmont. Queensgate posed a significant problem for the engineers because they couldn’t shut down a privately-owned and high-trafficked rail yard for several years. “We had to find a way to build only from above,” said Szekeresh.

Two design features overcome this constraint. First, the cable-stayed bridge (shown in the renderings) has large distances between its support towers that (mostly) avoid the yard. Second, the physical structure consists of several interlocking parts, meaning the builders can simply insert the relevant pieces into place without much delay. Some rail lines will still be affected, but never for more than a few hours.

Traffic concerns ensure the old bridge will remain in use until its replacement is erected just to the south. The Ohio Department of Transportation (ODOT) must acquire several land parcels. All of them have been appraised, but ODOT must complete its environmental review before it can purchase the properties.

Funding

Total project cost hovers around $310 million, a substantial hike from the city’s previous estimate of $240 million. Federal funds will cover 80 percent, with the city, county, and state covering the remaining funds. Szekeresh indicated that the project could receive a $20 million Transportation Review Advisory Council grant from the Ohio Department of Transportation.

When federal funding will arrive, however, is unclear. Extensions to the projected 2028 end date may be necessary, especially if President-elect Trump reneges on his promise to improve infrastructure.

After the presentation ended, Szekeresh conducted an informal poll to gauge support for the design. Most community members raised their hands in affirmation.