City approves OTR property sales

The City of Cincinnati has unanimously approved the sale of 24 of its Over-the-Rhine properties as part of its neighborhood revitalization strategy.

Sixteen of the properties will be sold to 3CDC subsidiary OTR Holdings, Inc. for $10,100:

* 106, 108, 110, and 116 W 15th Street
* 1409, 1419, 1420, 1505, 1507, 1509, 1511, 1515, 1517, and 1519 Race Street

The remaining 8 parcels will be sold to Over-the-Rhine Community Housing and Eber Development for $1 for their City Home project on Pleasant Street:

* 1409, 1412, 1414, 1415-1417, 1416, 1418, 1420, and 1426 Pleasant Street

The $6.8 million City Home project, which will break ground within the next couple of weeks, 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.

The total appraised value of the properties is $133,000.

Previous reading on BC:
City likely to sell OTR property to 3CDC, OTRCH (5/20/08)
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)