Cincinnati accepts Mercer Commons from CPS

Cincinnati City Council has passed an ordinance accepting property owned by Cincinnati Public Schools (CPS) for the Mercer Commons project.

The property, roughly bounded by Vine, Walnut, 13th and 14th streets, was purchased by CPS for just under $4 million in 2005 for the construction of a new Washington Park School, which has since been scratched from the district's $1 billion building program.

The City, which would partner with 3CDC on the project, is willing to pay $4.2 million to CPS to acquire the 2.6-acre site.

The City will then transfer the note and mortgage to 3CDC, who will assume title to the property and pay the down payment and closing costs.

3CDC has indicated that they are planning a mixed-use development, including both market-rate and affordable rental housing and new commercial opportunities along Vine Street.

Before being acquired by CPS, the land was owned by Western & Southern Financial Group and subsidiary Eagle Realty Group, who planned a $25 million housing redevelopment.