Monday, August 2, 2010

State grant for Federal Reserve subject of public meeting

The public will get a chance to comment on a grant application that could lead to new luxury apartments Downtown this Wednesday at 5:30 p.m. at 1014 Vine Street, Suite 1600 (The Kroger Building).

Meeting host the Port of Greater Cincinnati Development Authority is applying for a grant of approximately $300,000 through the Clean Ohio Assistance Fund (COAF) for the removal of asbestos and universal wastes at the former Federal Reserve Building, 105 W Fourth Street.

Ashley Commercial Group has proposed a $16.9 million renovation project for the 15-story building that would create 88 luxury apartments and 59,415 square feet of commercial space. The project will pursue LEED for Existing Buildings certification.

The GO Cincinnati report, adopted by Cincinnati City Council in December 2009 as the official economic development strategy for the City, recommended the transformation of much of Downtown's underutilized Class B and Class C office space into residential uses.

The building is currently about 20 percent occupied and houses approximately 100 employees. Existing commercial tenants would be consolidated onto the lower five floors.

Council passed a resolution of support in March.

The grant announcement is expected to be made in September. Construction would start immediately and take about one year to complete.

The application is available for public review at the Main Library of the Public Library of Cincinnati and Hamilton County through August 5.

According to the COAF application, the project will not proceed without the grant.

Built in 1927, the former Federal Reserve Building was first used by the Chamber of Commerce, and later used by the Federal Reserve Bank of Cleveland until vacated by the bank in early 1980s.

The building was added to the National Register of Historic Places in 1979 and is located in the City's West Fourth Street Historic District.

Previous reading on BC:
Federal Reserve, Metropole win state tax credits (6/28/10)
City supports redevelopment of former Federal Reserve Building (3/23/10)