Tuesday, March 30, 2010

OTR's Westfalen Lofts receives $360K

Yet another condominium project in Over-the-Rhine's Gateway Quarter has received City support.

Cincinnati City Council has passed an emergency ordinance establishing a new capital improvement program project account for Westfalen Lofts, a joint project between John Hueber Homes and NorthPointe Group to create eight condominium units at 1418-1422 Race Street.

Declaring that the new housing "serves a public purpose", the ordinance also authorizes the transfer of $360,000 in unappropriated surplus funding from two Downtown housing capital accounts to be used for predevelopment activities at the site.

The project is estimated to cost approximately $3.4 million. Part of the Gateway Quarter's fourth phase, has received more than $600,000 in the 2011 funding cycle of the Ohio Historic Preservation Tax Credits funding cycle.

The Department of Community Development has $1.49 million remaining in its 2009 and 2010 Downtown housing capital accounts for future projects.

Previous reading on BC:
Cincinnati approves funding for Gateway's fourth phase (9/29/09)
CDBG funds could be used for fourth phase of Gateway Quarter (9/8/09)
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)