Wednesday, July 18, 2012

3CDC annual report: 'The work is never done'

Last Friday, Cincinnati Center City Development Corporation (3CDC) released its ninth annual progress report for fiscal year 2012.

"Working closely with the City and Cincinnati's corporate community, 3CDC's mission is to develop Cincinnati's center city as a regional destination of high value employment and real estate, sustained by a diverse mix of housing, culture and entertainment," the report's introduction says. "Each year brings us closer toward reaching that goal, yet seems to reiterate that the work is never done."

3CDC has facilitated the construction of 186 condominiums and townhomes, 181 of which have been sold. Additionally, 100 percent of its 68 apartments are leased, and 80 percent – soon to be 85 percent – of its 91,038 square feet of commercial space is leased.

Among its other highlighted accomplishments are:
  • Approval of a $100 million development and Fifth and Race streets, including a new 250,000-square-foot headquarters for dunnhumbyUSA, a 200-unit residential tower, commercial space, and a parking garage;
  • The ongoing $56 million renovation of the Metropole Apartments into the 21c Museum Hotel, scheduled to open this November;
  • The groundbreaking on the $53.5 million Mercer Commons project, which will produce 154 new housing units, 17,600 square feet of commercial space, and a new parking garage;
  • Completion of the $48 million Washington Park and parking garage project;
  • The commencement of the $17.4 million redevelopment of the former Maisonette/LaNormandie buildings for 4EG and Boca;
  • Its continuing commitment to the Homeless to Homes plan, under which it will serve as developer of a new City Gospel Mission, a YWCA women's shelter, and a relocated Drop Inn Center; and
  • The receipt of $50 million in federal New Markets Tax Credits.
Utilizing the Cincinnati Equity Fund and the Cincinnati New Markets Fund, 3CDC reported a capital budget of $249.7 million from July 1, 2011 to June 30, 2012.

Previous reading on BC:
'Everybody's' Washington Park reopens in Over-the-Rhine (7/9/12)
Agreements approved for Fifth and Race (7/2/12)
Ohio Dept of Development, Fed Home Loan Bank award money for projects (6/28/12)
The payoff: $59M Mercer Commons breaks ground in OTR (6/27/12)
New Fifth and Race proposal could reach 30 stories in height (6/15/12)