Mercer Garage Delivers 340 Parking Spaces to Cincinnati’s OTR
By Adrian Maties, Associate Editor
A new parking facility is now open in Cincinnati’s Over-the-Rhine neighborhood. The Cincinnati Center City Development Corp.(3CDC) opened the Mercer Garage to the public on May 9. The new addition arrives just in ,time as hundreds of new residential units in the area are getting ready to come online.
The Mercer Garage has 340 parking spaces on five levels, with entrances on the east side of Vine Street between 13th and 14th streets and on Mercer Street between Vine and Walnut streets. Parking rates will be $1 an hour up to an $8 maximum on weekdays, or a $3 maximum after 4 p.m. and on weekends. Monthly parking is also available, at $85 per month. The 3CDC will manage the garage, which will be staffed 24 hours a day and monitored by surveillance cameras placed throughout the parking levels, elevators and stairs.
The building is part of the Mercer Commons development, a project that encompasses 19 buildings and 26 vacant parcels on 2.7 acres of land. When finished, it will deliver 96 apartments, 28 condos, 17,600 square feet of commercial space and 359 parking spaces.
The $62 million project is divided into three phases. Phase 1 was financed through the 3CDC-managed Cincinnati Equity Fund, New Markets Tax Credit equity, a JobsOhio loan and a $1.5 million grant from the city of Cincinnati. It also calls for 11 condos in four historic rehabs on Mercer Street, a mixed-use new-construction building on Vine Street with 12 condos and 3,900 square feet of commercial space, and five new-construction townhomes on Mercer.
The Mercer Garage is included in the first phase. It is large enough to serve the entire development. Right now, the structure is exposed to viewing. It will, however, soon be hidden behind new construction on Vine and Mercer streets.
UrbanCincy recently reported that the developers were making preparations for the second phase of the project. The 3CDC will break ground on Phase 2 on May 31. It includes 67 apartments and 10,600 square feet of commercial space.
Photo credits: 3CDC
Tags: 3CDC, Cincinnati, Cincinnati Center City Development Corporation, Cincinnati Lead Story, Commercial, Condo, Co-op, HOA, construction, Developers, Development, economy, Finance/Investment, Local, Mercer Commons, Mercer Garage, multi-family, Municipal, National, Regional