Tuesday, November 11, 2008

DeSales Plaza Phase II granted CRA tax exemption

Cincinnati City Council has approved a Community Reinvestment Area tax exemption agreement for the second phase of DeSales Plaza, a project that will bring 76 energy-efficient apartment units to the corner of Woodburn Avenue and Chapel Street.

DeSales Properties II LLC is developing the $7.1 million, 3-building complex and has registered the development with the U.S. Green Building Council as a LEED NC 2.2 project.

The developer will receive a 75 percent exemption on the increased tax value of the real property investment for a period of 15 years, representing a nearly $15,000 net loss in the City's annual portion of property taxes.

DeSales Properties II LLC will pay $38,470 annually to Cincinnati Public Schools.

Of the three buildings, two will contain 24 units and one will contain 28 units, a management office, a fitness center, and a club room.

Preliminary unit layouts and pricing are:

  • 50 one-bedroom units at 783 square feet, renting at $797 per month
  • 20 two-bedroom units at 1,120 square feet, renting at $1,120 per month
  • 6 one-bedroom units (with dens) at 925 square feet, renting at $925 per month
Construction is expected to be completed by December 2009.

Previous reading on BC:
Cincinnati considers CRA tax exemption for DeSales second phase (11/3/08)
DeSales' second phase gets go-ahead (9/30/08)
Second DeSales phase seeking City approval (9/19/08)
Glaser seeking ordinance for 75-unit DeSales addition (6/12/08)