Wednesday, December 2, 2009

City loan approved for Northside mixed-use project

Cincinnati City Council has passed an ordinance authorizing a forgivable loan of $140,000 to a Northside developer to rehabilitate a long-vacant mixed-use building.

MC3 Group, Ltd. plans to spend more than $661,000 to convert the 119-year-old building at 3925 Spring Grove Avenue, which once housed the Idle Hour Café, into four market-rate condominiums and approximately 1,695 square feet of ground-floor commercial space.

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

Work is scheduled to begin this month, and the City loan would be forgiven upon the sale of all four residential units.

Councilmembers Leslie Ghiz and Chris Monzel voted against the ordinance.

Previous reading on BC:
Vacant Northside building could house condos, commercial (11/11/09)