Monday, August 6, 2012

Tax exemption approved for renovation of three OTR apartment buildings

Last Wednesday, Cincinnati City Council unanimously approved a Community Reinvestment Area tax exemption agreement with an affiliate of Urban Sites Property Management for the remodeling of three buildings in Over-the-Rhine.

The affiliate, BSG2, LLC, plans to spend $335,000 on new flooring, bathrooms, and exterior improvements to the apartments at 112 E 14th Street and at 1404-1406 and 1416-1418 Walnut Street, increasing their marketability.

The eight-year, 75 percent tax exemption will reduce the developer's property tax liability by $59,600 over the life of the agreement.

The 20-unit project is scheduled for completion by the end of this year.

Urban Sites has managed the properties since February 2011, when they were acquired by the Cincinnati Center City Development Corp. (3CDC) following a default on several development loans by former owner Middle Earth Properties.

Previous reading on BC:
Photos: City Hall's green roof (7/8/10)
City Hall's green roof will stay closed to public (6/10/10)
CORRECTION: Belmain not yet LEED-certified (9/28/09)
Mottainai, Belmain first LEED-certified residential rehabs in OTR (9/21/09)
Lackman Lofts photo update, 2/7/09 (2/12/09)