On Wednesday, City Council approved $5.3 million in capital project and TIF funds* for the development of 108 new residential units in Over-the-Rhine.

The $5.3 million will allow the project's administrator, 3CDC, to leverage new market tax credits to make up the remainder of the $29.8 million cost.

The projects will be developed by Urban Sites, the Model Group, Over-the-Rhine Community Housing and Eber Development.

Within a year or two, the neighborhood will see a gain of 133,500 square feet of new and rehabilitated residential space in 38 seperate properties.

The dollar values listed have been rounded.


Urban Sites

Location: 1232 and 1237 Vine Street; 1202, 1306 and 1417-1421 Main Street, 1414 Clay Street
Developer: Urban Sites
Residential SF: 43,831
Retail SF: 6,069
Total costs: $11.2 million
Building acquisition: $2.7 million
Demolition/cleanup/permits: $135,000
Soft costs: $1.9 million


Model Group

Location: 1326-1342 and 1331-1335 Vine Street
Developer: The Model Group
Residential SF: 39,600
Retail SF: 7,572
Total costs: $8.7 million
Building acquisition: $1 million
Demolition/cleanup/permits: $243,000
Soft costs: $1.5 million


City Home

Location: 1406-1422 and 1409-1423 Pleasant Street, 1401-1403 Race Street
Developer: Over-the-Rhine Community Housing and Eber Development
Residential SF: 40,208
Retail SF: 1,607
Total costs: $7.2 million
Building acquisition: $467,000
Demolition/cleanup/permits: $399,000
Soft costs: $1.6 million


???

Location: 1222-1224 Republic Street
Developer: Unknown
Residential SF: 9,790
Retail SF: -
Total costs: $2.7 million
Building acquisition: $142,000
Demolition/cleanup/permits: $0
Soft costs: $387,000


Unaccounted for....

Looking at the budget, the following properties are not mentioned by name but must be figured into the budgets somewhere:

* 3 E Thirteenth Street
* 117-123 W Fifteenth Street
* 1332 Republic Street

Previous reading on BC:
Next 3CDC project includes 38 properties (11/27/07)

* Capital project grant: $3.1 million; TIF funds: $2.2 million