Thursday, June 18, 2009

Environmental assessment could help Crosley Building owner better market property

A resolution expressing support for Hosea Worldwide, Inc.'s proposed Phase II environmental assessment of the Crosley Building in Camp Washington was passed by Cincinnati City Council yesterday.

The resolution also expresses support for the Port of Greater Cincinnati Development Authority's application for grants from the Clean Ohio Assistance Fund (COAF), a requirement of the application process.

Hosea Worldwide has owned the 300,000-square-foot building at 1333 Arlington Street since 1998, but has not been able to maintain it.

It has attempted to sell the building for the past four years.

In order to better market the site to developers, the company has partnered with the Port Authority to better evaluate the environmental impacts of the property's prior uses, allowing it to develop a cost estimate and plan for any remediation and abatement activities.

COAF grants, administered by the Ohio Department of Development and the Ohio EPA, are capped at $300,000.

Built in 1929, the Crosley Building served for many years as the Crosley Radio Corporation's headquarters.
In addition to housing WLW's studios on the eighth floor until 1942, the building also was home to automobile manufacturing operations, radio studios, and research facilities.

The Crosley Corporation sold the building in the 1970s.

Envisioned as one of the centerpieces of an upcoming Camp Washington urban renewal plan, the City has requested $4.3 million in American Recovery and Reinvestment Act of 2009 funding and has requested an earmark from Congress in its fiscal year 2010 budget.