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Business Development News

Home ReStart partnering with Neyer Properties to renovate, sell historic Cincinnati homes

Since the inception of Neyer Properties in 1995, the company has developed hundreds of projects totaling over $1 billion in both construction and development in the Cincinnati region.  While the company has typically focused on commercial development, they have begun investing in a new real-estate company called Home Restart. The relatively new endeavor specializes in buying distressed homes, making renovations, and re-selling the properties.

Over the past year, the company has purchased, renovated, and prepared seven houses for re-sale. In that time, they have intentionally focused their efforts in more desirable urban neighborhoods like Hyde Park, Oakley, Edgewood and Fort Thomas.  According to the company’s leadership, this was done to help make the projects successful in an otherwise difficult market.

“The housing market has taken a hit throughout the Greater Cincinnati area, but neighborhoods such as Hyde Park and Fort Thomas always have a relatively active market,” explained Anne Pond, Vice President of ReStart. “By focusing on these areas, we can decrease the number of days that our houses sit on the market.”

According to Pond, the large stock of historic homes in these neighborhoods is another key selling point, as they have a charm that cannot be replicated in new construction.

“Over the years, many older homes have fallen into disrepair and have been converted into two-family homes,” Pond continued. “We work very hard to maintain the charm and character of historic homes, while bringing them up-to-date for modern living.”

Pond says that ReStart typically purchases homes from anywhere between $50,000 and $200,000.  After the initial purchase, ReStart then renovates and sells the properties for prices ranging between $130,000 and $350,000. Following this work, ReStart then turns to Neyer Properties for its expertise in purchase approval, renovations, and finance management.

Of the seven homes purchased and renovated through the program thus far, five have been sold and another is currently under contract.

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Development News Politics Transportation

3C Rail not dead yet according to All Aboard Ohio leaders

Throughout his campaign for governor, Governor-Elect John Kasich (R) repeatedly stated that he had no intention of ever moving forward with the 3C Rail project, a train that would have connected Cleveland, Columbus, Cincinnati, and Dayton. So with Secretary LaHood’s announcement on Thursday that the $400 million for the 3C rail project was being taken away, he made Kasich’s campaign promise of “the train is dead” a reality, right?

Well, All Aboard Ohio, an advocacy group for inter-city travel in Ohio, is saying otherwise. In fact, in a press release they stated that the Dept. of Transportation is moving prematurely in redirecting the funds.

“Until grant agreements with the new state recipients have been signed, we don’t consider this a done deal,” said All Aboard Ohio President Bill Hutchison, noting that it often takes months to finalize such agreements.

With just under a month left in the term of Governor Ted Strickland (D), the nonprofit believes there is still time to act.

“We are calling for an open, honest dialogue between Governor Strickland, Governor-Elect Kasich and potential 3C partners to consider an alternative that could be instituted within the same time frame ODOT was expected to move forward with 3C,” said Hutchison.

Ironically, Thursday’s announcement came only hours after a plan to pursue the 3C project without state involvement was released. Created by All Aboard Ohio and others, the plan calls for the creation of a Joint Powers Authority (JPA). If created, the JPA would consist of local governments and transit authorities which could then grant a franchise to a private group who would operate the rail service. The group would finance the project through, among other things, revenue generated by station leases, food service, and advertising.

“With looming threats of unprecedented global oil shortages by 2015, the Baby Boom generation starting to turn 65 years old in 2011 and young Ohioans leaving for states that don’t force them to drive everywhere, now is not the time for Ohio leaders to let this money slip away,” Hutchison concluded.

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Development News Politics Transportation

Cincinnati secures full funding for first phase of modern streetcar system

The Transportation Review Advisory Council (TRAC) of the Ohio Department of Transportation (ODOT) announced yesterday that they have unanimously recommended an award of $35 million for the construction of phase one of the Cincinnati Streetcar. The $35 million award means that the first phase of Cincinnati’s modern streetcar system is now fully funded.

To date, the Cincinnati Streetcar has secured $150 million through a variety of public and private resources to fund the first phase of the system which is estimated to cost $128 million.

“Today was a great day for our streetcar project,” exclaimed Cincinnati Mayor Mark Mallory in an email yesterday. “We now have the full amount needed to complete the first phase. This will help grow our city and improve our financial future.”

In addition to $35 million for construction, TRAC also recommended $1.8 million for planning and preliminary engineering work for phase two of the project which will extend further throughout Cincinnati’s uptown neighborhoods.

The Cincinnati Streetcar project scored 84 out of a possible 100 points in TRAC’s ranking – by far the highest total of all transportation projects from around the state. As a result of that robust score, ODOT officials approved TRAC’s $15 million recommendation for the Cincinnati Streetcar project in May 2010.

During recent budget debates, some advocacy groups have lobbied against the Cincinnati Streetcar project and said that the money should be instead used for other purposes – mainly preserving police and fire sources.  City officials have responded by repeatedly stating that the capital funds identified for the Cincinnati Streetcar are restricted funds that can only be used on capital projects – not operating expenses like personnel. Furthermore, city officials also believe the streetcar investment will return an estimated $3 for every $1 invested.

“In light of the budget problems facing the city, I am convinced that we must use every economic development tool we can to bring residents, jobs, businesses – and tax revenue – to the city,” explained City Manager Milton Dohoney. “Together, the streetcar, casino, The Banks, 21c Hotel, and other investments generate bigger returns that will stabilize and grow our local economy.”

Once complete, the system will be managed and operated by the Southwest Ohio Regional Transit Authority which currently manages and operates Metro bus service. Phase one of the Cincinnati Streetcar is expected to take on its first passengers in spring 2013.

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Arts & Entertainment News

Wrinkle in Time an inventive holiday offering

Guest post by Erin Marie Schwartz.

First, let me begin by saying I never read A Wrinkle in Time so I had no idea what to expect. The popular children’s fantasy book is being staged as this year’s holiday show at the Know Theatre of Cincinnati.

The production, directed by Jason Ballweber from Four Humors Theater in Minneapolis features two Four Humors actors in principal roles as well as Know Theatre’s resident actor MJ Jergensen in the role of Mrs. Who.

The show centers around Meg (Alisa Mattson) and her brother Charles Wallace, played by Darnell Benjamin. These two, who haven’t seen their father in more than two years, set off on a journey to find him and bring him home. Accompanying them on the journey are a colorful group of characters including Mrs. Who, Mrs. Which and Mrs. Whatsit. Also joining them on the journey is neighbor boy Calvin (Chris Wesselman) who says he’s “just along for the ride”.

Some of the most touching interactions occur between Meg and Calvin. Their portrayal of youngsters just beginning to explore the excitement of their first romantic relationship is spot-on.

There is a difficulty in bringing a fantasy/science fiction story to the stage and while Know gets an ‘A’ for effort, the final effect was somewhat less than stellar.

That being said, a creative use of lights, sound and staging are used throughout the play. The floor and walls are painted with an array of stars and a variety of objects are used onstage to produce effective and inventive sounds. When was the last time you saw an overhead projector, let alone one used for sound effects? The minimally decorated stage is the perfect forum for this production.

In conjunction with the performances, Know is promoting a book drive sponsored by Give Back Cincinnati and benefiting the Peaslee Child Development Center. New or gently used books can be dropped off during Know’s regular business hours or before any performance of “Wrinkle.”

A Wrinkle In Time runs December 9-11, 16-19, and 21-23. All performances begin at 8pm with the exception of December 11 which includes a 3pm matinee show in addition to the 8pm performance.

Tickets are $15 the week of the show, $12 if purchased in advance. Tickets may be purchased online or by calling the box office at (513) 300-5669.  The Know Theatre is located at 1120 Jackson Street in the arts district of historic Over-the-Rhine.

Categories
Arts & Entertainment News

Light Up OTR to kick off new holiday tradition

Traditions like the Duke Energy Train Display, ice skating on Fountain Square, and the Cincinnati Zoo Festival of Lights remind us that the holiday season is upon us in Cincinnati.  And soon, the Over-the-Rhine neighborhood will have a holiday tradition of its own.

“Light Up Over-the-Rhine” takes place this Friday, December 10.  Beginning at 8 p.m., teams of volunteers will walk throughout the neighborhood, placing luminaries along its major streets.  A total of 943 luminaries will be placed, representing the number of historic buildings in Over-the-Rhine.  Event organizers hope to create a warm glow that will “symbolize safety, the coming of the holiday season, and unity.”

At 10 p.m., a lighting will take place for the first annual OTR Christmas tree, located in the courtyard of Neon’s Unplugged.  Guests will be able to affix an ornament to the tree for a $2 donation to the Over-the-Rhine Foundation.  Throughout the evening, Neon’s will be serving craft cocktails created by mixoligist Molly Wellman and offering a variety of drink specials.

Anyone interested in helping to assemble and disperse the luminaries should meet at Neon’s at 6 p.m.  With the support of people from the neighborhood and the city, Light Up OTR will hopefully be a success and become another great holiday tradition for Cincinnati.

You can RSVP for Light Up Over-the-Rhine on Facebook.