Tuesday, January 29, 2013

Oakley Olive Garden gets LEED tax break

Cincinnati City Council on Thursday approved a Community Reinvestment Area (CRA) LEED tax exemption agreement for the construction of a prototype Olive Garden Italian Restaurant at Oakley Station.

Property owner USS Realty, LLC and Orlando-based Darden Restaurants Inc. affiliate N and D Restaurants, Inc. will receive a 15-year tax exemption for the $1.59 million, 7,500-square-foot project at Marburg Avenue and Vandercar Way, which is pursuing LEED Silver certification through the U.S. Green Building Council.

The exemption will lower the development's property tax liability by approximately $66,000 over the life of the agreement.

Construction is scheduled to begin this summer. USS Realty, LLC will lease the property to N and D Restaurants, Inc. for ten years, with four five-year renewal options.

The Olive Garden is the first restaurant tenant to sign on as part of the 74-acre development.

A 59,000-square-foot, 14-screen Cinemark movie theater is currently under construction and is scheduled for completion in September. At build out, the $120 million mixed-use project will also include the 302-unit Boulevard at Oakley Station apartments, 225,000 square feet of retail space, and 300,000 square feet of Class A office space.

Tax break for Hyde Park medical offices

Also on Thursday, City Council approved a 15-year CRA tax exemption agreement with G & A Paxton, LLC for the construction of a new medical office building at 3666 Paxton Avenue.

The $1.2 million project will replace a fire damaged structure with a new 4,200-square-foot building for the Pediatricians of Hyde Park.

The tax exemption will reduce the development's property tax liability by $400,200 over the life of the agreement.

Construction is scheduled for completion by the end of this year.

Previous reading on BC:
Planning Commission Friday: Kirby Road School, Wasson Way, land sales (1/17/13)
Agreements to fund improvements at Oakley Station (6/27/12)
Oakley Station residences win LEED tax exemption (4/9/12)
Hearing on Oakley Station remediation tonight (3/8/11)