Public-Private Team Plans Tower for Cincinnati CBD
- Apr 25, 2015
More apartments are coming to downtown Cincinnati. According to documents filed with the Cincinnati Planning Commission this month, the city plans to join forces with the Cincinnati Center City Development Corp. and North American Properties to develop a $45 million apartment tower at Eighth and Sycamore streets in the Central Business District.
Plans call for a 130-unit apartment tower, 10,000 square feet of first-floor retail and a 500-space parking garage. There will also be approximately 20 residential units adjacent to the garage facing Sycamore Street. The project will be developed on 1-acre city-owned site.
Before construction can start, the city must approve the transfer of the site to the 3CDC. According to the documents filed with the planning commission, the city would sell the site to the 3CDC for a nominal price of $1. The non-profit will then create a garage air lot, a commercial air lot and an apartment air lot. It will sell the garage air lot to the city for $1, and the city will lease it back to the 3CDC for a base rent of $10 per year, for 35 years, with two 10-year renewal options. The garage will be built and operated by the 3CDC and owned by the city.
3CDC will own, build and operate the commercial space. It will sell the title to the air lot to North American Properties for $1. The developer will construct, own and operate both the apartment tower and the 20 units adjacent to the garage.