Tuesday, September 25, 2012

$358K to end City's involvement in Walnut Woods

Last Wednesday, Cincinnati City Council passed two ordinances that will provide nearly $358,000 in surplus capital improvement program project funding to complete security, landscaping, and parking improvements at the stalled Walnut Woods development in Walnut Hills.

Six City-owned properties were auctioned off on June 9 at the National Underground Railroad Freedom Center. Global Wealth Investments, Inc. purchased the properties at 838, 842, 844, 850 and 856 Lincoln Avenue, and former Councilmember and current Walnut Woods Homeowners Association President Sam Malone purchased a vacant lot at 854 Lincoln Ave.

Approximately half of the project funding comes from auction proceeds.

The City acquired the properties following a developer's bankruptcy and has invested nearly $3 million in the development, unable to sell the properties in the private market.

Once the work is completed and the homeowners association files and records its organizational documents with Hamilton County, the City's nearly three decades of involvement in Walnut Woods will end.

Previous reading on BC:
City-owned Walnut Woods properties to be auctioned tomorrow (6/8/12)
City to auction Walnut Woods in June (4/23/12)
Cincinnati may auction Walnut Woods (3/15/12)
Cincinnati will sell Walnut Woods house for $143K (11/3/09)
To boost homeownership, Cincinnati may sell Walnut Hills house for less (10/6/09)