Monday, June 3, 2013

Second phase of Mercer Commons breaks ground

Officials from the City of Cincinnati, Cincinnati Center City Development Corp. (3CDC), and developer McCormack Baron Salazar, Inc. broke ground on Friday on the second phase of Mercer Commons along Walnut Street in Over-the-Rhine.

The $22 million phase will add 67 apartment units and 10,600 square feet of commercial space in 13 rehabilitated buildings and one new construction building. Thirty of the apartments will be made available to people making between 50 percent and 60 percent of the area median income, or approximately $28,000 a year for a single person.

The apartments are expected to be ready for occupancy in June 2014.

McCormack Baron Ragan Property Management Services, an affiliate of the developer, will own and manage the apartments upon completion. 3CDC will own and manage the development's commercial spaces.

This is the first Cincinnati project for St. Louis-based McCormack Baron Salazar, the nation's leading for-profit developer of economically integrated urban neighborhoods. Founded in 1973, the company has invested $2.7 billion in the construction of more than 17,000 residential units across the country.

HGC Construction is serving as the general contractor. The design team includes ‎City Studios Architecture and Cleveland-based City Architecture.

Phase I, which has been under construction for a year, includes the rehabilitation of four historic buildings into 11 for-sale units, five new townhomes, a mixed-use building with 12 for-sale units and 4,000 square feet of commercial space, and a 340-space parking garage. The rehabilitated units should be completed later this month, with the townhomes and mixed-use building scheduled for completion this fall.

When completed, the three-phased, $63 million Mercer Commons will include the redevelopment of 19 historic buildings and 26 vacant parcels bounded by Vine, E 14th, Walnut, and E 13th streets into 126 apartment units, 28 for-sale units, and 17,600 square feet of commercial space.

Previous reading on BC:
Construction photos: Mercer Commons, 4/12/13 (5/16/13)
More than $14M approved for Gateway's fifth phase (10/30/12)
The payoff: $59M Mercer Commons breaks ground in OTR (6/27/12)
Four ordinances approved for Mercer Commons (6/8/12)
3CDC, Model Group to highlight affordable housing options (3/16/12)