Tag: developments

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Business Development News

New year brings heightened expectations for 3CDC

The Cincinnati Center City Development Corporation (3CDC) has helped spark a transformation of Cincinnati’s urban core in less than 10 years. To date, the non-profit development group has largely been defined by the success that has taken place on and around Fountain Square and the Gateway Quarter for which they are responsible.

Since their founding in 2003, 3CDC has invested more than $250 million into the center city. That investment has led to the renovation of scores of new restaurants and bars in the on and around Fountain Square, hundreds of new residential units and dozens of new businesses in Over-the-Rhine, and the renovation and expansion of Washington Park which is now underway. Even with all of that work to date, the development group says that they are only just now getting started.

“2010 was certainly a watershed year for us,” said Stephen Leeper, president and CEO of 3CDC. “Our development agenda has expanded to more complex real estate transactions. The physical assets we own, lease and/or manage continue to grow.”

In 2011 3CDC will get started on the long-anticipated, $51 million Mercer Commons development that will renovate 20 historic structures and infill 26 existing vacant lots in a two-block area of Over-the-Rhine. The group will also renovate a cluster of buildings along 6th Street into entertainment and office space, and a $48 million project will transform the former Metropole Apartments on Walnut Street nearby into a 21c Museum Hotel.

Some neighborhood residents and business owners do hope for additional neighborhood involvement on the part of 3CDC as they continue their efforts.

“I would like to see some sort of movement toward helping those being displaced obtain the skills or education to earn enough to be able to live in the new Over-the-Rhine,” said Original Thought Required owner James Marable. “I fear the area could become overdeveloped and lose the culture that makes OTR, OTR without them.”

With that said Marable welcomes the additional investment and see a bright future for the neighborhood he now calls home and operates his own small business.

“The amount of investment is a very good thing for the area. I’ve been in Cincinnati for ten years and the first five years of that I wouldn’t step foot in OTR,” Marable explained. “Now I am entrenched in the area and feel as much of a part of it as it is a part of me. I believe all the investment and hard work of the small business owners and development companies are paying off 10 fold and not only making OTR better but providing a shining light for the type of change the entire city should be working towards.”

The $48 million renovation and expansion of Washington Park is expected to be complete in 2012. And in addition to all of that, 3CDC is requesting $85 million in federal tax credits to keep the momentum rolling.

Categories
Business News Politics

Mayor Mallory: Welcome to Cincinnati

The City of Cincinnati has put together a new video that welcomes people and businesses to Cincinnati. The video comes during a time at which city leaders are trying to figure out how to brand the city and region.

Within the video, Mayor Mark Mallory talks about Cincinnati’s vibrant and walkable downtown, The Banks development, recent progress in Over-the-Rhine, the arts, the future Horseshoe Casino and Cincinnati Streetcar.

So, the question begs to be asked. How do you think this message brands Cincinnati, and does it do so successfully? The next question is, whether or not this is even the image and brand the city should be promoting?

Categories
Business Development News Transportation

$122M urban stream reclamation project includes potentially huge impacts

The Cincinnati Business Courier is reporting that city and municipal sewer district officials are looking at a bold project that would completely transform South Fairmount, reclaim a currently buried creek, and solve the county’s largest combined sewer overflow (CSO) problem site.

Located at the western end of the Western Hills Viaduct, South Fairmount has been in an extended state of struggle. Vacancies and low property values plague the small neighborhood, and investments to rebuild Queen City Avenue have done little to spark new investment. But now officials are looking at a $122 million plan they hope will finally reinvigorate the area.

The crux of the five plans presented to community members is to fix a long-standing CSO problem which results in 1.7 billion gallons of dirty water flowing into the Mill Creek annually. In order to solve the problem engineers and planners would remove an underground sewer pipe dating back to 1910, and replace it with separate underground storm sewers and a reclaimed natural stream above.

The majority of the plans also call for a rebuilt park and recreation area, bike and walking trails along the reclaimed stream, potential mixed-use infill, civic gathering space and even a small lake at the eastern end of the project site.

While all of this immediately sounds exciting, there is an existing neighborhood located in this location. Dozens of historic structures, a park, businesses and residents would all have to be relocated during the potentially decade-long rebuilding project. Officials have begun acquiring land in the area already, and the city owns a good deal of land in the project site. Additionally, eminent domain is already being discussed for what is identified by the U.S. Environmental Protection Agency as a critical problem.

The impacts of such of project could and will be profound if it becomes reality. More than 40 acres of urban land would be completely rebuilt in what is considered to be the largest stream reclamation project, intended to solve a CSO problem, ever.

Cincinnati Vice Mayor Roxanne Qualls also sees the massive project as an opportunity to create a bus rapid transit center in South Fairmount that would connect the city’s western neighborhoods with uptown.

“For a community that’s been racked by poor transportation choices and declining homes and businesses that left, it would be a significant economic development project. This could be a really thriving community,” Qualls told the Business Courier.

Categories
Development News

Coach Development resurrects 60-unit North Fairmount development

A development in North Fairmount (map) that has sat unfinished and dormant for nearly two years has been resurrected by a new developer, and will be ready for new residents later this spring.

The Bluffs at Woodcrest, originally developed by MI Homes, was purchased by Coach Development near the end of 2009 after MI decided to move away from multi-family developments. The new developers are currently building an additional six, three-story townhouses that will finally push the development past the half-way mark.

The development was originally planned to include 60 townhomes, but to date only 24 have been built and sold. Coach Development President Robert Gerwin says that after the current six townhomes they are building are complete they intend to move on to more.

“We’re going to see how the market is, but we hope to have these next sold out in May, then start on the next building,” Gerwin explained.

Each building includes six townhomes and is perched atop a hill just minutes from downtown Cincinnati. The central location was one of the main drivers for Coach Development when they decided to purchase and pursue their first urban development.

“We feel that Cincinnati and urban living is growing and thought that this was a good fit for us and a great opportunity to get into the city of Cincinnati.”

With an expectation of selling 10 to 12 townhomes in 2011, Gerwin believes that a full build out will be complete over the next two to three years. He also says that the first building should be completed by the end of March, and that many of the units should be appealing to young people looking for an urban lifestyle.

“These townhomes lend themselves to young professionals and first-time homebuyers,” Gerwin said. “The most recent one we sold is to a young woman who works uptown as a nurse. We really like the younger demographic.”

The townhomes start at $119,000 and include a ten-year property tax abatement through the City of Cincinnati. Those interested in touring a unit can contact Ronald Kelly or Michael Sweeney with Comey & Shepherd at (513) 241-3400.

Bluffs at Woodcrest photograph by UrbanCincy contributor Thadd Fiala.

Categories
Development News Politics Transportation

Time to fight for light rail and streetcars in Cincinnati – AGAIN

It appears as if the special interest group that led the effort to require a vote on all passenger rail transportation in Cincinnati is now leading an effort to outright ban all passenger rail transportation in Cincinnati.

The anti-spending group COAST evidently did not get the message from Cincinnatians who voted nearly 2:1 in November 2009 when they voted in support of passenger rail. So, after asking if city residents wanted to vote on every passenger rail investment, and getting a resounding no, they are doing what they want and asking city residents to vote on passenger rail investments. Specifically at hand would be any investments in streetcars or light rail for the next decade.

The vote that will decide whether or not to ban passenger rail in Cincinnati for the next decade, whether it is fully funded by whatever funding source, will more than likely occur this May in a special election that will cost taxpayers $400,000.

So for those that have yet to see a modern streetcar, you can check out this video on the modern streetcar design that may be used for Cincinnati’s fully funded streetcar system that is about to begin construction and be operational by 2013. If you need more information on Cincinnati’s streetcar project, check out the CincyStreetcar Blog for regular updates and information or CincinnatiStreetcar.com for official project details, studies and reports.