Developers Break Ground on $54M Project in Over-the-Rhine
- Jul 09, 2012
The next phase of development in Cincinnati’s Over-the-Rhine neighborhood started on Tuesday, June 26, with the groundbreaking ceremony for the massive, $54 million Mercer Commons project. Cincinnati mayor Mark Mallory, city manager Milton Dohoney Jr., city council members, and 3CDC and PNC Bank representatives attended the ceremony.
The Mercer Commons project was unanimously approved on Nov. 18, 2011, by the Cincinnati Planning Commission. It is part of a broader initiative to redevelop the Over-The-Rhine neighborhood and will be built in three phases on 2.7 acres between East 13th and 14th streets, bordered by Vine and Walnut streets. The project calls for the preservation and renovation of 19 historic buildings and 26 vacant parcels of land, as well as the construction of 126 rental units that include 30 affordable units, 28 condominiums, 17,600 square feet of commercial space and a 340-space parking garage, along with a 19-space parking lot on 14th Street.
The parking garage will be built in the first phase and is expected to open in March 2013. Eleven condominiums in four historic buildings on Mercer Street will be restored, and 12 new condos will emerge on Vine Street. The first phase also includes the construction of five townhomes on Mercer Street and 3,900 square feet of commercial space. The condos and townhomes will range in price from $145,000 to $380,000.
The Cincinnati Center City Development Corp. (3CDC) is developing the Mercer Commons project, and expects to complete the first phase within 16 months. 3CDC is a private, non-profit corporation based in Cincinnati. It was formed in 2003 by former Cincinnati mayor Charlie Luken, and is working with the city to strengthen the core assets of downtown by revitalizing and connecting the Fountain Square District, the Central Business District and Over-the-Rhine.
Over-the-Rhine is believed to be the largest, most intact urban historic district in the United States and is home to the largest collection of 19th century Italianate architecture in the nation. 3CDC has had much success renovating the submarket’s aging buildings.
The complete 3CDC Mercer Commons Neighborhood Redevelopment Plan may be viewed here.
Rendering courtesy of http://www.3cdc.org.