Tag: developments

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Development News

PHOTOS: Downtown Construction Boom Underway

4th and Race Site is cleared and ready for 15-story mixed residential tower.

With well over $2 billion in new construction projects underway in Cincinnati’s urban core it is not hard to miss with construction fencing, cranes and lifts working at full tilt all over downtown and Over the Rhine. Many new construction and building renovations are underway throughout downtown and Over-the-Rhine. This gallery features photos of 16 projects taken this month. If added up the projects in the photos below are just a fraction of overall development with just over $400 million in construction activity.

 

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Development News

Cincinnati Neighborhood Wins Major Preservation Award

City Urban Conservator Beth Johnson, Zoning Administrator Matt Shad and OTR Foundation Chair Kevin Pape stand with Award and Historic Trust Representatives

In 2006, Over-the-Rhine was listed as one of America’s Most Endangered Places by the National Trust for Historic Preservation. Today that very same neighborhood is celebrated as a tale of monumental historic revitalization and revival. That effort was honored yesterday at an awards ceremony in Washington D.C.

At a reception that is part of National Historic Preservation Advocacy Week, representatives from the City of Cincinnati’s Zoning Department, Cincinnati Center City Development Corporation (3CDC) and the Over-the-Rhine Foundation were presented with the “Preservation’s Best” of 2016 award by the group.

The event is sponsored by Preservation Action, American Institute of Architects, National Trust for Historic Preservation, National Trust Community Investment Corporation, Unico, Inc., and Center for Community Progress and aims to highlight significant projects developed through federal incentives such as Historic Tax Credits.

“Through federal incentives like the Historic Tax Credit, historic preservation drives economic development and community revitalization across the nation by taking historically significant buildings that are dated and abandoned and turning them into viable community assets for a 21st century economy.” spokesperson Rob Naylor said in a statement.

On hand from Cincinnati to receive the award was Kevin Pape of the Over-the-Rhine Foundation, Zoning Administrator Matt Shad and Historic Conservator Beth Johnson from the city. West side Congressman Steve Chabot (R) also attended.

Naylor stated that the award, “highlights exemplary Historic Tax Credit projects that revitalize our cities and small towns and breathe new life into our communities. At a time when the future of the Historic Tax Credit is uncertain, these projects help to highlight the impact the program has had in communities across the country.”

Since 1981, federal tax credits have helped save over 377 buildings in Over-the-Rhine for a total of $267 million dollars. Despite losing 50% of its housing stock since the 1930’s the neighborhood is still considered the largest collection of 19th century Italianate architecture in the country and has been regarded  as “the coolest neighborhood in America.”

Editors Note: Mr. Yung is a member of the Over-the-Rhine Foundation Board of Trustees.

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Arts & Entertainment Business News

Brewery Event to Tell Neighborhood Development Tale

Brink Brewing Company [Provided]

Craft brewing has taken the nation by storm and as evidence from the Ohio Craft Brewers conference held here in Cincinnati a few weeks ago, the phenomenon shows no sign of slowing down. One factor that has eluded many speculators predictions of “Peak Craft Brew” is the fact that many craft breweries come in different shapes and sizes. Even locally, whereas Rhinegeist and Madtree push for more distribution, smaller scale breweries have opened with the focus on neighborhood Main Streets like Brink Brewing in College Hill.

This trend is the focus of the Congress for New Urbanism’s Midwest Chapters first regional event. Titled, ” The New Neighborhood Brewery,” the event will focus on neighborhood craft breweries and their impacts on building neighborhood revitalization efforts throughout the Cincinnati, Northern Kentucky and Dayton regions.

“We’ve seen the positive impacts craft brewery scene has had on local neighborhoods and we want to get to the heart of what is their formula for success,” said Jocelyn Gibson, the Event Organizing Committee Chair, “Our hope is that this event will spur more communities to consider craft breweries as a tool for neighborhood success”

The event will take place on Friday March 3, starting at 12:20 PM at the Woodward Theater in Over-the-Rhine. It will conclude with a panel discussion and happy hour within viewing of the annual Bockfest Parades march down Main Street. Tickets are $25 a person and can be purchased via CincyTicket.

The event will be feature speakers from the Over-the-Rhine Brewery District, local brewers, real estate experts and neighborhood advocates. It will also provide continuing education credits for the American Planning Association.

The Midwest chapter of the CNU is dedicated towards advancing the issues of revitalizing urban neighborhoods in cities and towns across the region. The organization has three central goals including reclaiming public space for people, reactivating and reconnecting vibrant neighborhoods and championing urban development that is enduring, adaptable and human scaled. The chapter committee is in the process of becoming a regional chapter of the organization spanning from western Pennsylvania to central Indiana and from Lake Erie to Lexington Kentucky.

Woodward Theater is located within a block of Cincy Red Bike, Metro bus routes #17,19,24 and 16. And is two blocks north of the Cincinnati Bell Connector Hanke Exchange Station at 12th and Main.

 

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Development News

New Development Adds Affordable Housing, Restaurant to Over-the-Rhine

Another development is coming to the Brewery District. The Historic Conservation Board approved a zoning variance that will bring fifty affordable housing units and a restaurant to several vacant buildings along the streetcar line.

Affordable housing in Over-the-Rhine (OTR) has received a lot of press recently. Freeport Row, the newly-christened Source 3 development at Liberty and Elm, was heavily criticized because it lacked any affordable housing. Most recent development has been market-rate or luxury apartments, despite the fact that OTR’s average median income was $14,517 in the 2010 census.

The fears aren’t unfounded; the neighborhood has lost affordable housing. Xavier Community Business Institute determined that OTR and Pendleton have lost 2,300 affordable housing units since 2002. This project — called Abington Flats — will help replenish that stock. Three different companies banded together to create Abington: 3CDC, Model Group, and Cornerstone Corporation Renter Equity. 3CDC is developing the commercial space, while the other two control the residential space. This project is part of a larger effort by the team to develop hundreds of affordable units in OTR.

Abington Flats consists of five buildings, the largest of which is 33 Green Street. Built in 1910, the four-story building features a commercial space on the ground floor with three floors of residential apartments above. Model Group Senior Project Manager Jennifer Walke said that all five buildings need “substantial rehab.” 33 Green Street will be 100 percent ADA accessible. The team is shooting for LEED Silver certification.

In an email to UrbanCincy, 3CDC Communications Manager Joe Rudemiller said that, depending on future tenants’ needs, there will be up to four retail or office space and up to two restaurants or bars.

Finding a restaurant or bar will be key to the project’s long-term financial viability. Tax credits fund a building’s development and construction; they don’t cover operating costs. Rent from below market-rate units might not cover its full cost. Rent paid by commercial tenants offsets this difference.

This is why investors rarely back affordable housing projects. It’s hard to profit. Plus, tenants with less financial security pose a greater risk to the owners. Cornerstone’s shared equity program strives to overcome this trend. Tenants can earn equity through timely rent payments and property maintenance. Build up enough equity and — after five years — it becomes cash. Abington Flats will use their system.

Total costs hover around $17 million — $13.8 million for the residential portion and $3 million for the commercial space. Several subsidies fueled the development, including Federal and State Historic Tax Credits and Low-Income Housing Tax Credits.

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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.