2718 Observatory Avenue
Cincinnati City Council unanimously passed a property tax exemption for 2718 Observatory Partners that could lead to up to 50 new jobs.
The developers plan to gut the building at 2718 Observatory Avenue and create 6,200 square feet of Class A office space.
While staying true to the neighborhood's architectural styles, the building's front and back walls, as well as the roof, will be removed to allow for the 2,800 square foot building to be expanded.
Mechanicals will also be replaced and the building will be made ADA-compliant.
2718 Observatory Partners expects that the project will attract 50 jobs over a three-year period, with $1.75 million in payroll.
The Community Reinvestment Area Tax Exemption is often used by the City to create or to retain jobs.
Construction is expected to cost $575,000 and will be financed by a 75 percent reduction in property taxes over a period of 15 years.
The project should be completed by spring 2008.
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Monday, July 9, 2007
City tax break could bring 50 jobs to Hyde Park
