Monday, May 17, 2010

OTR's Westfalen Lofts lands nearly $1M in TIF funding

Westfalen Lofts, part of the fourth phase of 3CDC's Gateway Quarter, has been awarded $982,182 in tax increment financing funds.

Cincinnati City Council unanimously passed an ordinance approving the funding agreement, which will help finance debt service on the project's $2.1 million Cincinnati New Markets Fund loan over the next six years.

The project, a joint venture between John Hueber Homes and NorthPointe Group, will convert three vacant buildings at 1418-1422 Race Street into eight market rate condominiums – four two-story, two bedroom and one-and-a-half bath units, three two-bedroom/one bath units and one single bedroom and one bath unit.

Under terms of the agreement, the project must be completed by May 31, 2011.

In March, Council approved $360,000 in City capital funds for predevelopment costs. The project will also receive more than $79,000 in Ohio Historic Preservation Tax Credits.

Photo courtesy of John Hueber Homes.

Previous reading on BC:
OTR's Westfalen Lofts receives $360K (3/30/10)
Cincinnati approves funding for Gateway's fourth phase (9/29/09)
CDBG funds could be used for fourth phase of Gateway Quarter (9/8/09)
Vine Street streetscape photo update, 5/19/09 (5/28/09)
Gateway's newest condos, single-family homes open this Saturday (5/27/09)