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Development News

$661k renovation project saves historic Northside structure from wrecking ball

A $661,000 renovation project in Northside is nearing completion and will host its first open house next weekend on Saturday, October 16 from 12:30pm to 2:30pm. The renovation work saved the historic building from demolition and has introduced four new condominiums to the Northside neighborhood.

To help make the project a reality, the City of Cincinnati granted a $140,000 forgivable loan to the development group to help support the affordable housing in November 2009 through Emergency City Ordinance 335-2009.

The Bridgeview was developed by the MC3 Group and is being listed by Comey & Shepherd Realtors. The structure was originally built in 1890 and is located within the Hoffner Historic District. The development team purchased the building in May 2009, and said that special attention was paid to retaining the integrity of the building’s architectural detail during the renovation work.

“When the building was boarded up and headed for demolition, we saw the potential and beauty of what it could be,” stated Michael Berry of MC3.

Inside the residential units range from 720 to 1,880 square feet, and range from $130,000 to $230,000. The development team also states the units qualify for a 15-year tax abatement. In addition to the residential units located in the historic structure, the development team is also listing approximately 1,695 square feet of street-level commercial space (map).

The developers expect the project to be a nice fit for the diverse neighborhood stating, “Northside is such a vibrant neighborhood, with a concentration of families, as well as empty nesters and young professionals, so The Bridgeview offers a natural fit for that.”

Those interested in touring the project can do so by contacting Barbra Druffel or Diane Debevec at (513) 281-7653 or bdruffel@comey.com.  First occupancy is expected to be available in late October 2010.

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Business Development News Politics

A strategic residential plan for Cincinnati’s center city

There are increasingly fewer and fewer development sites remaining inside Cincinnati’s central business district. There are small surface lots scattered about the CBD, and some larger collections near City Hall and the Hamilton County Courthouse, but outside of that there is not much land left to be built upon.

This makes the things we do build on those sites even more important. The Banks seems like it will end up being successful in an urban design context, as well as an urban vibrancy context with its inclusion of so much residential in addition to office, retail and entertainment space. The recent Procter & Gamble daycare facility on Broadway Street, not so much.

What has long held back Cincinnati has not been a lack of tourists, commerce, or entertainment, but rather it has been the lack of a critical mass of residents. The lack of this critical mass is what has prevented the CBD from attracting everyday retailers, groceries, affordable dining, and later evening hours for all of the above.

According to a 2009 Downtown Cincinnati Inc. report, there are 9,000 residents living in the greater downtown area which primarily includes the CBD and Over-the-Rhine. According to the same DCI report, that number of downtown residents is expected to grow to 12,500 by 2012 largely in part to the opening of the initial phase of The Banks. Even while this growth is encouraging, if Cincinnati wants its center city to be truly vibrant around the clock, more needs to be done.

Cincinnati leaders should identify residential focus areas and work with developers on a comprehensive plan that would strategically place residents throughout the center city in the most economically feasible, and beneficial ways. Based on Cincinnati’s current central business district buildout, its surrounding neighborhoods, and potential opportunities I have developed a general plan for two residential focus areas for which Cincinnati leaders should develop.

Core High-Rise:
Within the CBD itself there are several real opportunities to not only add to the urban context, but its vibrancy. Surface lots at Fifth & Race, Seventh & Vine, Fourth & Plum, and Third & Race offer the greatest potential of them all. These sites could all potentially host high-rise residential living which could finally put Cincinnati’s center city over the top.

Affordable and successful residential high-rises can be done. Many cities around the country have experienced this first-hand. In Atlanta, 30- to 40-story residential towers have sprung up throughout Midtown and Buckhead like weeds, and were often built in an almost cookie cutter way that was sure to deliver profits for the developer. The same has happened in Charlotte, Miami, Austin, Portland, Seattle, Philadelphia, Denver, San Diego, Chicago, and elsewhere.

These efforts should not exist on their own, but rather also work with potential residential conversions of aging office structures nearby. This will remove antiquated office space from the market, and add critical new housing opportunities within the center city.

Mid-Rise Community:
Another great opportunity for the CBD is a collection of low- to mid-rise residential structures near City Hall on approximately four city blocks of available surface parking lots. The area is bounded by Over-the-Rhine to the north, the Betts-Longworth Historic District to the west, Ninth Street Historic District to the south, and the Court Street district to the east. All of these surrounding areas are made up of three to five story structures which would make a three to five story residential community ideal in this area.

It would make sense to include townhouses/rowhouses along Ninth Street and Central Avenue to help create a natural blend with the surrounding areas, but also provide a greater mix of residential offerings. The rest of the residential focus area would be made up of multi-unit mid-rises similar to those being built at The Banks right now. This addition of residential activity would inject new life into arguably the most lifeless part of the CBD, and it would create a tangible connection from the CBD to Over-the-Rhine and the West End.

While not identified as a focus area due to its small size, the surface lots near Eighth & Sycamore should also be developed with a residential focus to compliment the burgeoning residential district there.

By developing a strategic approach for implementing new residential offerings in Cincinnati’s center city, city leaders and developers will be able to improve the area’s urban framework and its vitality.  New residents will demand new retail offerings that will benefit the thousands already living within the greater downtown area, and more residents will help drive existing businesses to maintain later hours to serve the growing residential base.

The buzz surrounding 21st century planning has often been about creating 24/7 urban communities where people live, work and play.  Cincinnati already has a great set-up for exactly that, its leaders and investors simply need to take advantage of those opportunities and position the center city for even greater success.

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Business Development News

Cincinnati wins economic development award for $24M Corryville Crossings project

The City of Cincinnati has received an Excellence in Economic Development Award from the International Economic Development Council (IEDC) for a $24 million mixed-use development uptown. The award specifically recognized the City for its public-private partnership on the project.

“We recognize the City of Cincinnati for providing successful strategies to promote new paradigms in economic development in this period of global recovery,” said William Best, IEDC chair. “Cincinnati is showing that they are at the forefront of the economic development profession and are using innovative and effective practices that can be replicated in other communities.”

Officials learned of the IEDC award on Tuesday at the council’s annual conference being held in Columbus, OH. IEDC officials say that the awards program is geared to, “recognize the world’s best economic development programs and partnerships, marketing materials, and the year’s most influential leaders.”

The Corryville Crossings development has been under construction for more than a year. Once completed the development is expected to create 200 permanent jobs, include a 132-room hotel, retail space, a 219-space public parking garage, and spark additional investment in the Short Vine business district.

The City has partnered with the Uptown Consortium and local developers to help move the project from the drawing boards to reality. Project officials also say that creative financing tools like Tax Increment Financing (TIF) and New Market Tax Credits were necessary to advance the development.

A Starbucks coffee shop and IHOP restaurant were originally planned for the retail portions of the development before changes in the market that drove both national chains away from the project.  The new Hampton Inn and public parking garage portions of the development are expected to be completed later this fall.

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Arts & Entertainment Business Development News

Ibrahim Abdul-Matin to headline fourth annual OTRCH fundraiser

On Thursday, October 14, Over-the-Rhine Community Housing (OTRCH) will host its yearly fundraiser at Music Hall. The fourth annual event is meant to raise money for the non-profit while also engaging interested members of the public with the concepts, projects, and programs that OTRCH oversees.

OTRCH began as the Over-the-Rhine Housing Network in 1988 as an affordable housing organization. The organization then merged with ReSTOC, another affordable housing organization, in 2006 to help improve the organization’s ability to secure and sustain affordable housing and community-based development in the historic neighborhood.

The non-profit organization now manages a variety of programs including housing, resident engagement, advocacy and education, and even physical development projects throughout Over-the-Rhine.

This year’s fundraiser, entitled Celebrating Our Beloved Community, will honor Elder High School for their work in the community, and feature Ibrahim Abdul-Matin as the keynote speaker. Abdul-Matin is the author of the acclaimed book Green Deen: What Islam Teaches About Protecting the Planet.

OTRCH executive director Mary Burke says that the event will also include a song and dance performance by Elementz, light food catered by What’s for Dinner, and a cash bar.

Admission for Celebrating Our Beloved Community costs $50, with all proceeds going to benefit the affordable housing efforts of OTRCH. Those interested can make reservations online, or by contacting Mary Burke or Sarah Allen at mburke@otrch.org and stallan@otrch.org respectively.

The event will take place inside Music Hall’s Ballroom (map) from 5:30pm to 8:30pm on Thursday, October 14. Those attending the fundraiser can access on- and off-street parking nearby, free off-street bicycle parking, or utilize Metro bus service (plan your trip).

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Business Development News

Bond Hill to celebrate dedication of $11M Graeter’s production facility

After breaking ground on a 28,000-square-foot facility in May 2010, the new Graeter’s Ice Cream production facility is complete and poised to set-up the legendary ice cream maker for an aggressive national expansion plan.

Cincinnati leaders are scheduled to dedicate the new facility in Bond Hill, located at 66th Street and Paddock Road, at 10am today. As part of the ceremonies, 66th Street will be renamed to Regina Graeter Way in honor of the current owners’ great-grandmother who helped establish the Graeter’s brand as a local favorite.

City officials say that the $11 million project was made possible by $3.3 million incentive package from the City of Cincinnati, and will create 50 jobs – a number that is expected to grow in the coming years as Graeter’s grows its production. The incentive package also included a commitment from Graeter’s to “stay and grow” in Cincinnati for at least 20 years.

The ice cream maker will maintain its current facility in Mt. Auburn for production of some ice cream, candy, and baked goods. The new facility, meanwhile, will be used solely for the production of ice cream.

“As a Cincinnati-based, family-run company, we are proud of our association with this wonderful city and look forward to new generations of success,” said Richard Graeter, president and CEO of Graeter’s. “We are incredibly grateful [of the City’s assistance], because not only will their support help us expand nationally, but it is also helping us create jobs locally.”

The new Graeter’s facility sits on roughly 4.5 acres of land, and is the first development to take place on the 24.5-acre site owned by the City of Cincinnati which previously was home to the Mill Creek Psychiatric Center.  Officials with the city’s Economic Development Department hope to build out the rest of the site in accordance to the Growth & Opportunities Study for Cincinnati (GO Cincinnati) which calls for research and development, flex-industrial, and back-office space to be built in the Seymour/Reading Road Corridor.

“Graeter’s growth is contributing to the growth-mode that the City of Cincinnati is experiencing these days,” City Manager Milton Dohoney stated in a prepared release. “And as they take their brand to new national markets, they are a great ambassador for the city.”