The relocation of the headquarters of both 3CDC and developer NorthPointe Group moved one step closer with Cincinnati City Council's unanimous approval of a Community Reinvestment Area (CRA) tax exemption agreement.

The $6.8 million Saengerhalle project, located at in Over-the-Rhine, includes the renovation of 26,450 square feet in three vacant, attached buildings and the construction of a nearly 10,000-square-foot addition.

When completed later this year, the building will contain approximately 33,904 square feet of commercial office space and 3,526 square feet of ground-floor retail or restaurant space.

Both 3CDC and the NorthPointe Group are located Downtown, at the Kroger Building and on E Eighth Street, respectively. They will occupy approximately one-third of the building's leasable space after the move.

The development is expected to support approximately 100 jobs.

The 12-year, 75 percent CRA property tax exemption is expected to reduce the development's tax liability by $745,440 over the life of the agreement. In addition to Cincinnati Equity Fund funding through 3CDC, the project is being funded through federal New Market Tax Credits and state and federal historic tax credits.

Saengerhalle is part of the fourth phase of 3CDC's Gateway Quarter project. Other nearby developments include the pending renovation of Washington Park, Westfalen Lofts, and Phase 1B of City Home.

Rendering courtesy of 3CDC.

Previous reading on BC:
Race Street rezoning to restore mixed uses, walkability (5/24/10)
OTR's Westfalen Lofts lands nearly $1M in TIF funding (5/17/10)
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)