City, 3CDC, McCormack Baron Salazar Break Ground on Phase II of $63M Mercer Commons Project
- Jun 03, 2013
The city of Cincinnati, 3CDC and McCormack Baron Salazar Inc. broke ground on May 31 on the second phase of the $63 million Mercer Commons project. Construction on Phase I of the development is already underway and is expected to be completed this fall. On May 9, 3CDC opened the 340-space Mercer Garage to the public as part of Phase I.
Phase II will deliver 67 apartments and 10,600 square feet of commercial space along Walnut Street. Of the 67 apartments, 30 will be affordable through the Low Income Housing Tax Credit program to those making 50 to 60 percent of area median income.
McCormack Baron Salazar will develop the second phase and will own and manage the residential units upon completion, with McCormack Baron Ragan Property Management Services, an affiliate, as property manager. 3CDC is the project’s master developer and lender. The non-profit real estate development and finance organization will own and manage the commercial space in all three phases.
U.S. Bank, Ohio Housing Finance Agency, Ohio Development Services Agency, Cincinnati Development Fund, Cincinnati Equity Fund II, Cincinnati New Markets Fund, 3CDC and the city of Cincinnati are the funding partners for the project’s second phase. HGC Construction is the general contractor, and the design team includes City Studios and City Architecture.
Phase II construction will continue for the next 15 months. The apartments will be available in June 2014.
The $63 million Mercer Commons project will be constructed in three phases. It calls for the redevelopment of 19 historic buildings and 26 vacant parcels of land on 2.67 acres between East 13th and 14th streets. When finished, it will deliver 96 apartments, 28 condos, 17,600 square feet of commercial space and 359 parking spaces.
Photo credits: 3CDC