Council approved a funding agreement package with developer Columbia Delta Apartments, LLC (Towne Properties) worth $1.3 million – half as a grant for site improvements and geotechnical work and half as a 30-year cash flow loan for construction costs.
It also approved a 15-year Community Reinvestment Area (CRA) LEED tax exemption agreement, reducing the development's property tax liability by nearly $2.2 million over the life of the agreement.
The project will consist of three buildings, containing 64 one-bedroom units and 12 one-bedroom units with dens. Common areas will include a fitness center, clubroom, and outdoor pool, and surface parking will accommodate 88 cars.
The 3.8-acre site is currently owned by Al. Neyer, Inc., but will be conveyed to Towne Properties, which will build, lease, and manage the project.
The project's design is still being tweaked due to community concerns over a perceived "generic, uninspired design" that doesn't relate to the historic neighborhood, but completion is still expected by the end of 2013.
The project has been registered with the U.S. Green Building Council as LEED for Homes Multi-Family 1.0.
Rents will be between $850 and $1,195 per month.
Previous reading on BC:
76-unit Delta Flats to start soon, but some pan design (6/12/12)
Butterfield Alley renamed for Van Volkenburgh (11/19/09)
Cincinnati to sell streets for Columbia Square (2/26/08)
