Westfalen Lofts, part of the fourth phase of 3CDC's Gateway Quarter, has been awarded $982,182 in tax increment financing funds.
Cincinnati City Council unanimously passed an ordinance approving the funding agreement, which will help finance debt service on the project's $2.1 million Cincinnati New Markets Fund loan over the next six years.
The project, a joint venture between John Hueber Homes and NorthPointe Group, will convert three vacant buildings at into eight market rate condominiums – four two-story, two bedroom and one-and-a-half bath units, three two-bedroom/one bath units and one single bedroom and one bath unit.
Under terms of the agreement, the project must be completed by May 31, 2011.
In March, Council approved $360,000 in City capital funds for predevelopment costs. The project will also receive more than $79,000 in Ohio Historic Preservation Tax Credits.
Photo courtesy of John Hueber Homes.
Previous reading on BC:
OTR's Westfalen Lofts receives $360K (3/30/10)
Cincinnati approves funding for Gateway's fourth phase (9/29/09)
CDBG funds could be used for fourth phase of Gateway Quarter (9/8/09)
Vine Street streetscape photo update, 5/19/09 (5/28/09)
Gateway's newest condos, single-family homes open this Saturday (5/27/09)
Monday, May 17, 2010
OTR's Westfalen Lofts lands nearly $1M in TIF funding
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3 comments:
does anyone know how many phases the gateway quarter has? does 3cdc have plans once the gq is "finished"? just curious.
My understanding is that 3CDC development will not go north of Liberty Street. The Elm/Race corridors are the final phase of the OTR projects. I don't think they are going to just fold up shop once that's done, though...as priorities shift from these large major magnet projects to others, I imagine new projects will be announced. If you look at their website, there are a lot of individual projects in and around downtown in which 3CDC had a hand, i.e. Bootsy's, the Belmain, etc. I would also imagine there is a lot yet to be done in East OTR/Pendleton with the casino development bubbling up over the next few years...at least this Mount Auburnite is hoping so.
My friend lives down the street on Race street and from what I've seen so far the apartments are absolutely beautiful. On top of that it'd be really neat if the subway under Central re-opened. Cincinnati is finally heading in the right direction.
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