Tuesday, May 20, 2008

City likely to sell OTR property to 3CDC, OTRCH

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 (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)