Roughly two years ago UrbanCincy reported that Grandin Properties had been awarded nearly $400,000 in historic tax credits from the Ohio Development Services Agency. The past 24 months have proved fruitful, and neighborhood leaders now intend to celebrate a ribbon cutting for the $2 million project on Tuesday.
The developers say that the Hogan Building is already 50% leased, and that the 12 residences range from $995 per month for one-bedroom units, up to $2,395 per month for two-story, two-bedroom units with decks.
The restoration work brings two historic structures back to life that are now 138-years-old.
The project is named after Ohio Attorney General Timothy Hogan for his courageous role in defending German immigrants during the anti-German hysteria during World War I. Interestingly enough, Hogan is also the grandfather of Peg Wyant – the Founder and CEO of Grandin Properties.
“Few in any age have the courage to stand up to such hysteria,” Wyant said. “On behalf of two high school teachers of German, he filed suit against Ohio demanding preservation of the right to speak and use and teach the language of ones choosing.”
Wyant went on to say that Hogan won that case, which has since become known as the German School case in the Supreme Court of the United States.
The Hogan Building, of course, also represents a win for the State of Ohio’s bold historic tax credit program which is seen as saving hundreds of buildings and spurring millions of private investment throughout the state.
“This is public-private money coming together,” explained David Goodman, Director of the Ohio Development Services Agency. “Saving historic buildings strengthens Ohio’s communities which attracts businesses and visitors to the state.”
The conclusion of work at the Hogan Building also comes just after Grandin Properties announced an intention to raise $5 million to $10 million in private equity to spur even more redevelopment work in Over-the-Rhine. To date, Grandin Properties has completed seven projects tallying nearly $10 million in private investments.
Denis Back served as the project architect, while Hudepohl Construction worked as the general contractor. The property was sold to Grandin Properties by 3CDC. It was financed through PNC, with financial support from the City of Cincinnati and Ohio Development Services Agency.
Those interested in touring the remaining available units can do so by contacting leasing@grandinproperties.com or (513) 871-7110. Those looking to participate in the ribbon cutting festivities are encouraged to arrive at the project site, located at 1317 and 1319 Republic Street, by 10:30am on Tuesday, January 12.