Tuesday, March 23, 2010

City supports redevelopment of former Federal Reserve Building

Earlier this month, Cincinnati City Council passed unanimously a resolution supporting the Port of Greater Cincinnati Development Authority's Clean Ohio Assistance Fund (COAF) grant, which could lead to the redevelopment of the former Federal Reserve Building at 105 W Fourth Street.

The resolution also supports Edgewood-based Ashley Commercial Group's application for $2.5 million in Ohio Historic Preservation Tax Credits.

Ashley plans a $16.5 million renovation of the 15-story building that would create 88 luxury apartment units on the building's top 11 floors. The remaining floors would be reserved for commercial space, including the building's current office tenants.

Tentative rents are between $1.05 and $1.13 per square foot.

The developer currently has a purchase agreement with building owner Fourth and Race Tower, Ltd. and has secured a 42-year lease on 114 parking spaces in the adjacent garage.

Built in 1927, the structure would require less than $300,000 in asbestos abatement to create the new living spaces.

The City resolution is a requirement of the Ohio Department of Development's COAF process, and will earn the project points in scoring for the tax credits. Tax credit applications are being accepted through the end of this month.

If funding is approved, the project could begin this summer and take one year to complete.

The former Federal Reserve Building is part of the West Fourth Street Historic District.