Wednesday, November 11, 2009

Vacant Northside building could house condos, commercial

Cincinnati City Council is considering an ordinance that would provide a $140,000 forgivable loan to MC3 GROUP, LTD. as gap financing for the mixed-use rehabilitation of a long-vacant Northside building.

The Northside-based development group plans to convert the 119-year-old building at 3925 Spring Grove Avenue into four market-rate condominiums and approximately 1,695 square feet of commercial space.

Residential units would be between 845 square feet and 1,765 square feet and priced for between $110,000 and $157,000.

The forgivable loan, which would come from the Neighborhood Market Rate Housing capital project account, would be forgiven upon the sale of all four residential units.

The total project cost is estimated at more than $661,000.

If the ordinance is approved, work could begin next month.

Serving as a saloon for many years, the building housed the Idle Hour Café until the early 1980s.

The building has been largely vacant since, and was listed by CityBeat as "Blight of the Week" in January 2003.