City frees $413,000 for land at MetroWest site

Cincinnati City Council has identified two sources of funding to help purchase the last four properties in the future MetroWest Commerce Park.

The City had to acquire these four parcels to be eligible to receive $3 million in Clean Ohio Revitalization (CORF) funds for demolition and environmental remediation of the site.

The City's sale of the former Phoenix International Life Sciences property in College Hill (5642 Hamilton Ave) to Children's Hospital has brought in $400,000.

An additional $13,657.59 was transferred to the Strategic Program for Urban Revitalization ’07 (SPUR) capital project account from the Columbia Square capital project account, which had a surplus due to project development costs being less than expected.

To date the Department of Community Development and Planning has spent $2.615 million on property acquisition in the project site and has paid $373,505 for tenant relocation.

The $25 million MetroWest project will consist of light industrial, flex and office space and will likely include existing businesses and buildings at 911 Evans St, 1910/1911 South St and 1908 W Eighth St. Four or more LEED certified buildings will likely be constructed. Buildings will be constructed along street frontages and parking will be screened and shared. (Look at the site plan below and tell me if that is what you see!)

The developer estimates that the redevelopment of the 18 acres could create a minimum of 400 jobs.

Buildout is expected in 7 to 10 years.

Winning CORF applicants will be announced at the Clean Ohio Council meeting on July 25.

The CORF's Round 4 has been budgeted $43 million.

Building Cincinnati: MetroWest update (4/2/07)