Tuesday, September 8, 2009

CDBG funds could be used for fourth phase of Gateway Quarter

Cincinnati City Council is considering an ordinance that would establish a $960,000 Community Development Block Grant (CDBG) project account to help fund the fourth phase of the Gateway Quarter project in Over-the-Rhine.

The project, to be developed by NorthPointe Group and B2B Equities, will include 32 market-rate rental units, 14,625 square feet of commercial space, and a 30 space parking lot in the buildings at 1401 Vine Street and between 1405 and 1423 Vine Street.

The funding would be transferred from four existing CDBG project accounts and would be used to bring the buildings up to code before construction of the residential and commercial units begins.

In addition to the CDBG funds, $3 million in tax increment financing (TIF) district funds are being channeled into the project.

Previous reading on BC:
Vine Street streetscape photo update, 5/19/09 (5/28/09)
Gateway's newest condos, single-family homes open this Saturday (5/27/09)
Gateway III funding agreement amended (4/1/09)
Gateway III funding agreement to be amended (3/24/09)
City Home hits the market (2/25/09)