City sells land to Uptown Consortium for $1

The City voted unanimously to sell land it owns in the Burnet Avenue plan area for $1.

The buyer, Uptown Consortium (through its development arm NTP Development, LLC), has been assembling land in the area as part of the Burnet Avenue Urban Renewal Plan.

The appraised value of the land is $1.3 million, but it is vacant and not is generating any revenue. It is estimated that the developer will make $5 million in infrastructure improvements to the site, including roads and utilities.

The emergency ordinance also allows for a quick transfer of the property that will allow NTP Development to receive New Market Tax Credits, which are targeted to development projects in low-income communities.

The land is part of a $52 million mixed-use project phase which will include two office buildings along Burnet Avenue, condominiums along Harvey Avenue and a 1,450-space parking garage.

Building Cincinnati: City rezoning advances Burnet project (6/20/07)
Building Cincinnati: Avondale: Burnet Avenue Zoning Study (5/1/07)