City to enter agreements on Midtown Centre

Rendering courtesy of Cole + Russell Architects

Cincinnati City Council has voted unanimously to enter development and service agreements for the $55 million Midtown Centre project in Oakley.

Seven Hills Development is planning 300,000 square feet of Class A office space, a 100- to 200-room hotel, 10,000 square feet of restaurant space and a 1,400-space parking garage on four acres at the corner of Marburg and Alamo avenues.

The developers requested the issuance of $13.2 million in Tax Increment Financing (TIF) bonds via the creation of a Midtown TIF District to help fund both the four-story garage and the acquisition of the Midtown Self Storage property.

The project site was previously part of a 25-acre TIF district created in 2002 for the Center of Cincinnati, the proposed Millworks, and a Vandercar Holdings office development that was never built. City Council amended that TIF district to include the Midtown Centre and extended the TIF's expiration date from 2032 to 2038.

The bonds will be secured by a letter of credit purchased by Seven Hills Development and will be serviced by revenues generated from the project. Estimates are that the office development could create up to 1,250 jobs and generate $1.1 million in annual earnings taxes.

Cole + Russell Architects has completed the preliminary design. A more detailed site and design plan still must be presented to the City.

Seven Hills Development plans to break ground in early 2008 and to have the project completed in 2010.


Project site: Click to enlarge


Rendering courtesy of Cole + Russell Architects

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