Following committee approval yesterday, City Council appears poised to approve a $7.3 million financial package that should bring a 130-unit North American Properties project to reality.
Designed by John Senhauser Architects, the $52 million, 15-story residential tower will accelerate the transformation of the northeastern corner of the central business district, where business leaders have been trying to rebrand it as the Eighth Street Design District for its cluster of design agencies.
As City Hall has done in the past, 3CDC will be used to build and operate a 500-space public parking garage, along with 10,000 square feet of commercial space, which is estimated to account for $16.5 million of the total project cost.
The project was first announced two years ago, and will take the place of the former two-story Red Cross building at the southeast corner of Eighth and Sycamore Street.
While the parking garage seems oversized at face value, it is part of a larger development efforts taking place nearby, including a 115-room Holiday Inn that includes no parking at all. As part of that deal, the City of Cincinnati agreed to build a parking garage that would provide 120 spaces. Originally planned to include 610 parking spaces, the new parking garage will support both developments and replaces an aging public garage that once occupied the site.
The relatively quick procession of this project stands in contrast to the 111-unit residential tower North American Properties recently completed called Seven at Broadway. Unlike this yet-to-be-named project, Seven at Broadway took more than a decade to complete, with an above-ground parking garage occupying the site since 2003.
The apartments at Seven at Broadway are some of the priciest in the city, and were pre-leased at a pace that surprised developers and investors. Price points have not yet been identified for this new project.
The completion of the Holiday Inn and this new residential tower will significantly alter this corner of downtown, but many still view the two large surface lots across Sycamore Street as the final major pieces of the puzzle.
The southern of the two lots is controlled by St. Xavier Church, and the northern lot is owned by Columbia Oldsmobile Company.
When General Electric was searching for a site for their new Global Operations Center, which ultimately located at The Banks, a rendering surfaced that showed an office building for GE on the northern of the two lots. Rumors have once again begun circulating online that the mockups might be or could be related to potential corporate offices for General Electric should they take action on their relocation threats to the State of Connecticut.
The full City Council will vote on this financial package on Wednesday