The developer of the stalled Inwood Village project in Mount Auburn is seeking state tax credits to help fund the rehabilitation a historic district abutting Christ Hospital.
Developer Pauline Van der Haer of Dorian Development has applied for Ohio Historic Preservation Tax Credits for a $20.5 million rehabiliation of the Glencoe-Auburn Hotel and the Glencoe-Auburn Place Row Houses.
The rehabilitation of the buildings, which were built between 1884 and 1891, would produce 68 market-rate homes priced in the $200,000-$300,000 range.
The tax credits, which are distributed by the Ohio Department of Development (ODOD), are equal to 25 percent of the owner's qualifying rehabilitation expenditures.*
ODOD has deemed $16 million of the project cost eligible for the tax credits.
Van der Haer had been loath to seek federal tax credits for the project after the district was placed on the National Register of Historic Places in 2004.
The project was first announced in 2004 with the promise of 31 units in Phase I, and a model was completed in late 2006.
Since then, the project has stalled due to funding. The City has already approved Community Development Block Grant funding for infrastructure improvements in the district, including the small concrete parks in the courtyards.
However, the City wants for the buildings to be completed before that money is released. Dorian feels that the overgrown courtyards would hurt sales.
In related news, parking capacity has not yet been ironed out, but it's likely to include at least one parking structure and numerous small surface lots.
More photos of the district can be seen in my Mount Auburn gallery.
WINDOWS LIVE BIRD'S EYE VIEW
* The credit can be claimed against the building owner's Ohio corporate franchise tax, personal income tax, or dealer-in-intangible tax liability.
Wednesday, September 26, 2007
Inwood Village project seeking preservation tax credits
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13 comments:
I think we are looking at another lashawn pettus -brown situation.
^ I wouldn't go that far. Pauline has an actual plan, it's just funding the thing and working together with the City that's messing things up.
Apparently Pauline's plan isn't working. How long have we been hearing about this development. First tax credits now condos for sale. I read that the project was already privately funded and that the city doesn't want to do the deal. Ms. VanderHoer doesn't seem to be working together with anyone to accomplish anyting.
Everytime I've been to Inwood Village I am suprised at how much potential the site has. The row houses are beautiful; however, they could never be used to house just anyone. I believe that they would be best used if the University bought them up and used them for really expensive dorms. There is no seperation between the floors in the buildings, so families would be reluctant to live there. If you live on the bottom floor, your neighbors would have to travel thought your house all the time. Only college kids could live in this type of environment. If you ever get the change, go inside and imagine living there. Many bums do.
I would love to go inside....
Don't you think if peopl saw the way this place looked back when it was first built they would see the real beauty of this place, I grew up there back in the 50's and early 60's and I saw some of these photos, people would know that this neighborhood was special.
Ann, most people have tunnel vision. They could care less about a place's history, and have no concept of the future.
Do you happen to have access to any of those photos?
^ So very true Kevin. It's scary. What can be done to change that?
I honestly don't know. If I did, I would probably be mayor.
I would like to think that this website helps, but my readership seems to be urban-focused and progressive by default.
I'm sure you could figure it out. We want you for mayor anyway!
Kevin go the a sight called Greater Cincinnati Memory Project there is a picture of the Hotel and the Dinning Room that's all I can find I thought the Public Library would have something but I live in Fl now so I can't check it out. But the Dinning Room was in the back where they put the parking lot. The neighborhood had a dry cleaner 2 grocery stores laundry mat even a bar at the bottom of Leroy. The kids had inwood park, Friar's Club which had a roller rink we got to use, we had the uptown theater, Main and ther was another one but I can't remember the name. We didn't need for our parents to take us anywhere it was all there.
Anonymous... Mayor is just about the LAST job I'd want. Or any political position, for that matter!
Ann... Yes, I have seen those photos before. Such a drastic change.
Thanks again for sharing your memories with us.
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