Tag: Fifth Third Bank

Categories
Business Development News

Madisonville To Celebrate Completion of Historic Bank Building Renovation

Madisonville neighborhood leaders believe that strategic investments over the past few years are finally starting to bear fruit, as is evidenced by the restoration of the historic Fifth Third Bank Building at the corner of Madison Road and Whetsel Avenue.

The $644,000 project was led by the Madisonville Community Urban Redevelopment Corporation (MCURC), and includes a street-level restaurant space with two, two-bedroom apartments on the building’s second floor. The hope is that the project will help stimulate other private reinvestment in the neighborhood.

Built in 1927, the building used to be a bank and still has the vault inside to prove it. Today the 2,800-square-foot street-level “white box” restaurant space is now being marketed to potential tenants. Those interested in the space are asked to contact Matt Strauss, Real Estate and Marketing Manager at MCURC, at 513-271-2495.

Community leaders will gather for a ribbon cutting ceremony next week to celebrate bringing the historic structure back to life.

“MCURC was asked by the community to save this signature building in the heart of the business district,” said Sara Sheets, Executive Director of MCURC. “Our hope is to attract a unique restaurant tenant bringing newcomers to the neighborhood, while offering residents a chance to have a date night in their own neighborhood.”

The Bank Building’s future restaurant tenant will join a growing roster of new dining options nearby.

Lala’s Blissful Bites, a bakery, opened down the street in January; plans for two coffee shops, Mad Llama Coffee by Lookout Joe and CooKoo’s Coffee Shoppe, are in the works; and a commissary retail store from the owner of Mazunte Taqueria is coming soon.

Due to what community leaders attribute to decades of disinvestment and targeted demolition, the Bank Building is one of the few historic buildings still standing in the business district. Many of the surrounding properties are vacant lots, but that too may soon be changing.

Since 2008, the City of Cincinnati has been buying vacant parcels in the area in order to assemble a large site suitable for development. In 2014, the City issued an RFQ to developers on the 7.5 acres of property it had acquired to date, which comprises most of the four blocks that form the intersection of Madison and Whetsel.

City leaders say that the team selected to redevelop these properties will be formally announced in the coming weeks, but early indications point to the Ackermann Group as the leading candidate.

This is all coming at the same time as the $200 million development at Medpace’s campus at Madison Road and Red Bank Expressway, a half-mile west of the neighborhood business district, which includes 250 apartments, 100,000 square feet of commercial space, 250,000 square feet of office space, and a 239-room Dolce Hotel, which is expected to be completed in 2018.

The ribbon cutting ceremony will take place at the Bank Building at 5900 Madison Road at 11am on Thursday, April 28. The Ohio Community Development Finance Fund, Fifth Third Bank, the James A. Schroth Family Charitable Trust, PNC Bank, LISC of Greater Cincinnati & Northern Kentucky, Duke Energy Urban Revitalization Initiative, and the City of Cincinnati provided funding for the project.

Categories
Development News

State Historic Tax Credit Expected to Boost $3.1M Renovation of Goetz Tower

The seven-story Middletown Building & Deposit Association tower in Butler County was one of 12 projects in southwest Ohio to receive historic tax credits last month from the State of Ohio. As part of the deal, the $3.1 million project will receive $600,000.

The redevelopment of the 85-year-old structure will result in expanded and renovated street-level retail space, with 24 market-rate apartments on the six floors above that.

The hope is that other similar, but smaller-scale, projects come online, as is expected, after the next round of historic tax credits are awarded this spring.

As earlier reported by UrbanCincy, this award was part of a larger $42 million distribution of historic tax credits state-wide by the Ohio Development Services Agency. The goal of the tax credits, public officials say, is to spark economic development while also preserving historic structures. It is anticipated that this round of awards will spur an estimated $600 million in private investment.

This award comes after nearly $150,000 in grants for assessments and site preparation awarded by the Duke Energy Foundation, US Environmental Protection Agency, and Cincinnati Development Fund. The moment that really gave the project its initial boost, however, came in 2012 when the building was donated to Grassroots Ohio by Fifth Third Bank.

In conjunction with the $10 million rehabilitation of the Sorg Opera House, city officials and private developers are expecting to leverage this initial project to spur additional development nearby. They are also hoping to leverage its location across from Cincinnati State’s Middletown campus as a walkable alternative to students who are primarily commuting from outside the city.

Built in 1930, the seven-story, Art Deco building has survived decades of changes in the heart of Middletown. Upon completion of renovations, project officials say that the building will be renamed Goetz Tower in honor of its original architect.

Construction is anticipated to start in March and last approximately 18 months.

Categories
Arts & Entertainment Business News

Walnut Hills Embracing Tactical Urbanism in Pursuit of its Own Transformation

Fresh Produce at the Findlay Market Farmstand in Walnut Hills [Jocelyn Gibson]

It has been an eventful summer Walnut Hills following the assignment of two grants for neighborhood ventures, kickoff of the Findlay Market Farmstand and Cincy Summer Streets events, as well as a host of other neighborhood events.

UrbanCincy last reported about the rehabilitation of the Samuel Hannaford-designed firehouse, and leasing of the ground floor commercial space by Fireside Pizza in June, and the We Are Walnut Hills Festival in May. Since then, the Walnut Hills Redevelopment Foundation (WHRF) has moved into the summer months with full roster of projects and activities.

The Findlay Market Farmstand began in early June with a variety of fresh, seasonal produce, all from within a 100-mile radius. Funded through a Healthy Initiatives Grant by Interact for Health, attendance was strong at the first Findlay Market Farmstand, but the WHRF says they will be going door-to-door within the neighborhood to ensure that all residents know where and when the farm stand will be open.

“Passersby and residents need to support the farmstand for it to be financially viable,” said Thea Munchel of the Walnut Hills Redevelopment Foundation. “We wanted to ensure that it would be in a space that would attract the neighborhood residents while also interesting people passing through.”

Organizers say that the farmstand will be open, going forward, on Thursdays from 4pm to 7pm at 767 McMillan Street, next to the aforementioned Firehouse. In addition to the produce offerings, they say there will be music, grilling, cooking classes and other rotating activities to build a sense of engagement.

It should be noted, however, that this is not the only, or even first, location for Findlay Market’s outreach into the city’s neighborhoods. Ohio’s oldest public market also sets up farmstands in East Price Hill and Westwood.

In addition to the Healthy Initiatives grant, the WHRF has partnered with Fifth Third Bank to create what they are calling the THRIVE Grant, which provides $3,000 to $15,000 to attract established businesses to the Peeble’s Corner business district. Angst Coffee is the first recipient of the grant, and is expected to open at 2437 Gilbert Avenue this fall. Built in 1890, and featuring exposed brick, warm colors and modern interior finishes, owners expect the space to be ideal for a coffee house.

Cincy Summer Streets, an open streets celebration, kicked off in Walnut Hills this past weekend as well. The event closed McMillan Street between Gilbert and Woodburn, and Woodburn between McMillan and Madison Road to automobiles, while opening the street up for biking, walking, dancing, art-making and fitness classes.

The event was meant to, and did, breathe new life into the streets with residents of all ages, mingling and enjoying the unseasonably mild weather. The Walnut Hills Area Council, Walnut Hills Redevelopment Foundation, East Walnut Hills Assembly, Art on the Streets, and the City of Cincinnati organized the event, while sponsorship came from The Carol Ann and Ralph V. Haile, Jr./U.S. Bank Foundation and Interact for Health.

Both Cincy Summer Streets and the Findlay Market Farmstand are examples of how the Walnut Hills community is embracing tactical urbanism as a way to transform itself.

To build on all this activity, neighborhood leaders will be preparing over coming weeks for the City of Cincinnati’s award-winning Neighborhood Enhancement Program (NEP), which will kick off in Walnut Hills on August 15. But for those looking to score some fresh produce from area farmers – you can do that at the next Findlay Market Farmstand set up in Walnut Hills this Thursday from 4pm to 7pm.