Cincinnati City Council has unanimously approved a Community Reinvestment Area tax exemption for the rehabilitation of 18 W Seventh Street into seven floors of Class B office space and ground-floor retail.
Building owner TBMG Properties will receive an eight-year CRA agreement that would be equal to a 75 percent exemption on the increased property tax value, and the City will gain $73,360 in earnings taxes.
Renovations, estimated at $880,000, would include new mechanicals, elevators, and tenant improvements.
When completed in July 2009, TBMG estimates that the project will create up to 14 jobs, with 2,600 square feet of rentable space on each floor.
In the third quarter of 2008, Class B office vacancy in the CBD stood at 18.40 percent, according to commercial real estate firm Colliers Turley Martin Tucker.
Class B vacancy in the second quarter of 2008 was 16.45 percent.
Previous reading on BC:
Cincinnati council to consider CRA tax exemption for 18 W Seventh (10/13/08)
Tuesday, October 28, 2008
Cincinnati approves CRA for W Seventh offices
