Tuesday, September 25, 2012

City to lease Walnut Hills buildings for redevelopment

Cincinnati City Council has approved a lease agreement with the Walnut Hills Redevelopment Foundation (WHRF) for several blighted buildings in the Peebles Corner Historic District.

The City will execute a 40-year lease for the buildings at 961-975 E McMillan Street – with rent waived and a $1 purchase option – in order to allow WHRF and project partner the Model Group to apply for state and federal historic tax credits for the rehabilitation of the properties as a mixed-use, market rate development.

The buildings currently contain 30 residential units and six commercial storefronts.

Two surface parking lots at 951 Curtis Street and 2381 Kemper Lane will be incorporated into the development.

The City acquired the buildings in 2010 as part of a neighborhood redevelopment strategy. By late 2010, the City held 23 properties between 700 and 900 E McMillan Street; nine were demolished last year due to hazardous conditions.

Previous reading on BC:
Conversion of Taft and E McMillan should wait, report says (8/9/10)
Qualls motion seen as key to revitalizing Peebles Corner (4/15/10)
Peebles Corner rejuvenation could begin early next year (12/9/09)
Capital, CDBG accounts approved for Peebles Corner (9/29/09)
Money could come to Peebles Corner (9/9/09)