Tag: over-the-rhine

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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 Market Tax Credits Key to City’s Revival

Cincinnati’s development coffers got a little fatter last week, as $125 million in federal tax subsidies flooded into the city. These subsidies, called New Market Tax Credits (NMTCs), incentivize local investors to funnel capital into low-income communities and have essentially bankrolled Over-the-Rhine’s entire revitalization.

For example, Washington Park — perhaps the most emblematic example of OTR’s rebirth — received nearly $14 million in New Market Tax Credits (NMTC) from the Local Initiatives Support Coalition (LISC) to help support its reconstruction. Several ongoing developments have also received some or all of their funding through NMTCs, including the Market Square and Ziegler Park projects.

Ziegler Park Aerial
New Market Tax Credits helped transform parts of Over-the-Rhine like the reconstruction of Ziegler Park (Photo by Travis Estell)

Developers often balk at the prospect of developing low-income communities because they fear their investment will be wasted. NMTC are the federal government’s attempts to allay these concerns. Congress first authorized the subsidies through the Community Renewal Tax Relief Act of 2000. Over the past fifteen years, the bill’s success has earned it bipartisan support. According to the program’s 2016 report, the tax credits have created 750,000 jobs and invested over $75 billion to businesses and revitalization projects in communities with high rates of poverty and unemployment.

Less than 25 percent of the applications submitted each year are awarded, but three major Cincinnati developers beat the odds this year: Cincinnati Development Fund ($65 million), Uptown Consortium (45 million), and the Kroger Community Development Entity ($15 million).

To win an NMTC grant, a corporation — in federal parlance, Community Development Entities (CDE) — must lobby the U.S. Treasury’s Community Development Financial Institution (CDFI) Fund on behalf of private investors like the Cincinnati Center City Development Corporation (3CDC). If the CDFI approves the application, then the investors who pledged money to the CDE will receive a seven-year tax abatement to support development.

3CDC, in particular, has secured a eye-popping $238 million since the program’s inception. Without this capital, it’s unlikely that OTR would have changed as drastically as it has. The community was a no-brainer for NMTC-driven development due to its extreme poverty. The neighborhood’s median household income during the 2010 census was a paltry $14,517. Six years and billions of dollars have certainly improved its lot, but its average income still pales in comparison to the city’s 2015 median income, $56,826.

While OTR will likely continue to receive the majority of NMTC-driven development, other distressed neighborhoods are receiving attention. According to Director of Development Thea Munchel, the Walnut Hills Redevelopment Foundation expects approximately $6.5 million in NMTC Equity for its expected revitalization of Paramount Square. “It is too early to know who all will participate in the deal,” she said. “But Cincinnati Development Fund received a huge award and has indicated that they will contribute some into the project.”

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News Transportation

New Event to Highlight Urban Parks and Streetcar

Newest Area of Smale Riverfront Park

IGers Cincinnati Meetup PromoAutumn heralds apple cider, crisp cool air and the colorful reveal of fall foliage. The best way to experience this in Cincinnati is by visiting one of the city’s many parks. This city is blessed with having some of its best parks within or overlooking its urban core. The Smale Riverfront Park, Washington Park and others dot the landscape and are all easily connected by the brand new Cincinnati Bell Connector. Yet the leaves won’t stay on the trees forever, which is why this weekend is the best time to snap a few photos!

UrbanCincy has partnered with IGers Cincinnati, a group dedicated to highlighting the best Cincinnati area Instagramers to do a photo walk this Saturday, October 22 at noon. The photo walk, called “Park + Ride,” will highlight the new Cincinnati Bell Connector and the city’s great urban parks along the streetcar route.

Participation is free and open to anyone. This is a great opportunity to meet new people, fellow Instagram photographers and more. We will be meeting at the “Sing the Queen City” sign at Smale Riverfront Park at noon. From there the group will tour the Riverfront Park before boarding the streetcar to travel to our next destinations. Stops include Smale Riverfront Park, Piatt Park, Washington Park and the Rhinegeist rooftop deck. There will also be an optional climb to Bellevue Hill Park.

Some photos taken at the event and tagged with #cinstameet_streetcar will be highlighted by UrbanCincy.

The event starts at noon on Saturday October 22 in front of the “Sing the Queen City” sign located at the foot of the Roebling Suspension Bridge. It is easily accessible from the Banks Streetcar stop and is located within a block of three Cincy RedBike stations. Bring your smartphone or camera. We hope to see you there!

Categories
News Transportation

Metro’s Bus, Streetcar Services Providing Ample Options For Bengals’ Home Opener

A new Red Bike station has been added right next to the Brewery District streetcar stop.

Town Center Garage Streetcar RouteThe Bengals will host their first home game of season this Sunday at Paul Brown Stadium. A capacity crowd is expected to fill the stands, and city leaders are looking to provide a variety of options for fans to easily get to and from the game safely.

One of those options includes the newly opened Cincinnati Bell Connector. Operating from the northern reaches of Over-the-Rhine to The Banks – just two blocks from Paul Brown Stadium – the streetcar vastly expands the reach of those walking to the game from their home or from their car.

As such, City Hall is offering a first-of-its-kind parking special at the Town Center Garage on Central Parkway. Located within two blocks of two different streetcar stations, parking at Town Center Garage will be offered for just $10 on game days; and the first 100 cars will receive four free streetcar passes.

“The Town Center Garage is a natural extension of game day parking options, and its proximity to two streetcar stops makes it a natural fit for fans looking to save money and avoid game day traffic,” said Oscar Bedolla, Director of Cincinnati’s Department of Community and Economic Development.

City officials are encouraging fans to come early on game day to enjoy all the offerings along the Cincinnati Bell Connector route, including the tailgate party at The Banks, watch party on Fountain Square and numerous bars, restaurants and shops throughout Over-the-Rhine.

“What we are looking to do here is take full advantage of the link that the Cincinnati Bell Connector offers from Over-the-Rhine to Downtown, to the benefit of football fans,” Parking Division Manager Daniel Fortinberry said in a prepared statement. “We see this as a fun way for fans to get to and from the game.”

The first weekend the streetcar was open saw more than 50,000 riders take advantage of free service. The second weekend, which coincided with Oktoberfest Zinzinnati, saw more than 29,000 riders pay to ride the Cincinnati Bell Connector. With large crowds expected at the Bengals game and MidPoint Music Festival, another large number of riders is anticipated for this weekend.

In addition to the parking special and streetcar service, Metro has again partnered with Miller Lite to offer free rides on Metro bus service from 7am to midnight this Sunday.

While the special partnership is an effort to cut back on drunk driving, it also offers Cincinnatians a good chance to check out Metro bus service for free – not just going to the game, but anywhere on Metro’s regional system.

“As a transit system, the safety of our customers is always our top priority,” said Dwight Ferrell, Cincinnati Metro CEO & General Manager. “Thanks to Miller Lite, Bengals fans will now be able to enjoy the game even more by letting Metro be their designated driver with free rides to and from the stadium.”

The Bengals (1-1) will take on the defending Super Bowl champion Broncos (2-0) this Sunday at 1pm along the central riverfront at Paul Brown Stadium.

Categories
Business Development News

PHOTOS: $30M Renovation of Historic YMCA Building Now Complete

The Central Parkway YMCA renovation is one of many major developments taking place on the western side of Washington Park.

Following a year-and-a-half renovation process, the historic Central Parkway YMCA reopened last month, and leaders at Episcopal Retirement Homes, the company overseeing the residential portion of the project, have recently welcomed the project’s first residents.

The $30 million project overhauled the entire 123,000-square-foot structure and was undertaken by Model Group. The upgraded YMCA includes a new saline lap pool, all new equipment, and expanded class offerings. Officials hope the renovated club attracts 1,600 members by the end of the year and eventually reaches 2,000 members.

The building’s upper six floors include 65 residences for seniors, providing much-needed affordable housing in the heart of the center city. A similar partnership has been tried before with the Parkview Place project in Anderson, Indiana, which also consists of affordable senior apartments located above an historic YMCA.

Nearby, scores of multi-million dollar development projects are underway that will add dozens of hotel rooms, hundreds of residents, and tens of thousands of square feet of commercial office and retail space. Such changes are expected to both raise rents and further increase the desirability of Over-the-Rhine, Downtown and the nearby West End neighborhood.