Preliminary site plan from Al Neyer, Inc.

Cincinnati City Council voted unanimously to approve two ordinances that will allow the Linden Park project to move forward.

The ordinances allow the City to sell to Neyer College Hill LLC (Al Neyer, Inc.) the former Shuller's Wigwam property at (BIRD'S EYE) in College Hill and will provide the developers with a $1.8 million forgivable loan to finance a funding gap.

The College Hill Urban Redevelopment Corporation selected Al Neyer to build a three-story, mixed-use building for the site with 19 condominium units (with an average price of $234,000), 14,294 square feet of street-level retail and surface parking.

The site will also include building pads for 22 additional three-story townhome units priced between $206,000 and $310,000, which is a future phase to be developed by M/I Homes.

The forgivable loan will come from City capital funds. The remainder of the funding for the $8.7 million project comes from the Cincinnati Development Fund and from owner equity.

The 2.3-acre Shuller's Wigwam property, which has been valued at $600,000, will be sold to Al Neyer for $1. The City believes that an increase in its housing stock and the required creation of 25 new jobs will more than offset this loss.

As a condition of the property sales agreement, Al Neyer must furnish the Department of Community Development with a concept development plan for the site within 120 days.

Buildout of the site should be completed by the end of 2010.

The developer had also been waiting for the City gap financing to be approved before opening a sales office on the site, which should now occur in February.

Future phases, which include properties on the northwest and southwest corners of the intersection, are still in the planning stages.


Preliminary elevations from Al Neyer, Inc.

Previous reading on BC:
New rendering, townhome developer for Linden Park (9/24/07)
Community support of Linden Park decisive (9/6/07)
Linden Park meeting tonight (9/4/07)
Linden Park project to break ground in 2008 (7/24/07)
College Hill: Linden Park Commons update (4/24/07)