The City of Cincinnati considering selling 16 of its Over-the-Rhine parcels to 3CDC subsidiary OTR Holdings, Inc. and 8 parcels to Over-the-Rhine Community Housing (OTRCH)/Eber Development.
The properties, which are generally in the areas bounded by Race, 14th, Elm and Liberty streets (BIRD'S EYE), will be used for residential redevelopment as part of the third phase of the Gateway project.
If the ordinance allowing the sale is approved, OTR Holdings will receive the following properties for the sale price of $10,100:
* 106, 108, 110, and 116 W 15th Street
* 1409, 1419, 1420, 1505, 1507, 1509, 1511, 1515, 1517, and 1519 Race Street
OTRCH/Eber Development, working as a partner with 3CDC to develop the City Home project, will receive for the sale price of $1:
* 1409, 1412, 1414, 1415-1417, 1416, 1418, 1420, and 1426 Pleasant Street
The total appraised value of the properties is $133,000.
3CDC was named as the preferred developer for property south of Liberty Street in 2005.
The $6.8 million City Home project will contain 22 mixed-income residential units and 1,600 square feet of commercial space.
No plans have been announced for the 1500 block of Race Street, though a good portion of it is vacant.
City Manager Milton Dohoney Jr. says that passage of the ordinance is recommended not only because it will boost homeownership in the neighborhood, but will also reduce the amount of gap financing required by the developers and the annual maintenance costs incurred by the City.
The ordinance has not been placed on City Council's agenda.
Previous reading on BC:
Model releases Trinity Flats elevations (2/13/08)
More on 1232 Vine Street (12/13/07)
Gateway II cost breakdown (12/3/07)
Next 3CDC project includes 38 properties (11/27/07)
City Home could transform Pleasant Street (11/21/07)
"Lead, Learn, Serve" in the Queen City
4 hours ago
2 comments:
Now I have a great deal of respect for 3CDC and the things they do. But they currently hold too many properties and all the city is doing is transferring a problem and not developing a solution. On my trip down over the weekend there are HUNDREDS of 3CDC boardups. As a historic restoration consultant and restoration contractor I know from experience that the longer historic properties sit, the more they deteriorate. If 3CDC is to be the developer of OTR and basically "given" property owned by the city (owned by the taxpayers), then they should disclose just when each property will be redeveloped. We continue to see demolition by neglect and unless we start asking hard questions about when and where the monies will come from to rehab, sorry but 'restore" is not an appropriate word here, these properties will continue to suffer and OTR will lose more of its architectural heritage. In my opinion 3CDC should as part of the sale disclosure provide the city with a timeline for restoration an estimation of the stabilization cost. Every new property 3CDC acquires (except those that the city deems as needed demolition) should have a new roof within 90 days of acquisition as a condition of the sale. This is key in saving a property as water damage, more than anything else causes building to fail.
3CDC isn't a developer per se, they are more of a property warehouse.
Most of what 3CDC does involves barricading buildings, fencing in lots, and transferring its holdings to developers such as Model, Urban Sites, etc. who do the actual projects.
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