North American Properties and the NorthPointe Group are planning a $22.3 million project to add seven floors to the eight-story parking and retail structure. The L-shaped addition would include units ranging from studios to two bedrooms, with an average size of 850 square feet.
The ordinances include the authorization of $3.5 million in economic development bonds, to be serviced through tax increment financing (TIF) revenues. Others waived a $1 million payment due to the City for the structural overbuild required to support the future tower and authorized an additional $200,000 in TIF funding to the developer for parking revenue that will be lost when the top floor of the garage is taken offline during construction.
Five stories of the garage were built in 2003, with structural supports that would have supported a proposed 12-story, 166-unit condominium project. In 2010, the garage was expanded by three stories to accommodate the parking needs of more than 600 Procter & Gamble employees who were transferred Downtown following the closure of the company's Governor's Hill facility in Symmes Township – lowering the number of residential floors that could be added.
An ordinance seeking a 15-year Community Reinvestment Area LEED tax exemption agreement is likely to be considered by City Council at a future meeting.
Construction should begin by the end of the year and be completed in early 2015.
Rendering courtesy of NorthPointe Group
Previous reading on BC:
UDRB gets first look at 111-unit overbuild of 7th and Broadway garage (3/18/13)
Downtown walking, spring colors abound (4/12/10)
Cincinnati passes ordinances for P&G parking (11/2/09)
Ordinances, COA needed for Downtown garage expansion (10/20/09)
Cincinnati approves funds for 7th Street garage expansion (8/11/09)
