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Cincinnati: Random Development and News

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It sounds like the person with the phone was chewing gum the whole time, really annoying.

SUPER annoying.

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The City released a memo for the upcoming potential capital projects.

 

http://city-egov.cincinnati-oh.gov/Webtop/ws/fyi/public/fyi_docs/Blob/4339.pdf?rpp=-10&m=1&w=doc_no%3D%273748%27

 

Some interesting notes

- The "Dream Campus" would require $20-30MM of city dollars for their parking garage.

- The Terrex Development at MLK / Reading is apparently still a long ways off - memo notes there is a $24MM financing gap (about half the cost of the project). If this project can't secure funding with UC already lined up as a tenant and solid developers behind the deal then it may be some time before anything gets built at the interchange.

- There is a note about a $100MM renovation and alteration of the Central Trust/PNC Tower into a mixed use property. I imagine that the office space in that building is dated... would be great to get some more lower class office space offline and into residential. ( I would think this building would be a shoe-in for historic tax credits).

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The City released a memo for the upcoming potential capital projects.

 

http://city-egov.cincinnati-oh.gov/Webtop/ws/fyi/public/fyi_docs/Blob/4339.pdf?rpp=-10&m=1&w=doc_no%3D%273748%27

 

Some interesting notes

- The "Dream Campus" would require $20-30MM of city dollars for their parking garage.

- The Terrex Development at MLK / Reading is apparently still a long ways off - memo notes there is a $24MM financing gap (about half the cost of the project). If this project can't secure funding with UC already lined up as a tenant and solid developers behind the deal then it may be some time before anything gets built at the interchange.

- There is a note about a $100MM renovation and alteration of the Central Trust/PNC Tower into a mixed use property. I imagine that the office space in that building is dated... would be great to get some more lower class office space offline and into residential. ( I would think this building would be a shoe-in for historic tax credits).

 

It's funny that the streetcar is constantly criticized because it doesn't cover all its own costs but no one questions the $100 million dollars spent on yet another highway interchange. Don't get me wrong, I think an interchange here is a better investment than the hundreds of millions of dollars spent on SR 32 in Clermont County and the Portsmouth Bypass, but still.

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Developer revises $90 million Kenwood project

 

The real estate developer planning a $90 million mixed-use project across the street from Kenwood Towne Centre has made some adjustments to its plans ahead of a meeting with Sycamore Township trustees.

 

More below:

https://www.bizjournals.com/cincinnati/news/2018/09/13/developer-revises-90-million-kenwood-project.html

 

cikenwoodrender1*1200xx2100-1181-0-10.jpg

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Office, retail, hotel planned on portion of former P&G campus

 

11500reedhartmanaerial*750xx4978-2800-0-0.jpg

 

Now that Ensemble Health Partners has selected the West campus of the former Procter & Gamble Co. Sharon Woods Innovation Center in Blue Ash for its corporate campus, the owners of the East campus have big plans for backfilling that site.

 

More below:

https://www.bizjournals.com/cincinnati/news/2018/09/25/exclusive-office-retail-hotel-planned-on-portion.html

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Final phase of Greiwe’s Mariemont luxury condos sold out

 

livingood-1*750xx1800-1013-0-94.jpg

 

The fourth and final phase of Greiwe Development Group’s Mariemont Village Square is finished and all of the luxury condominiums have been sold.

 

Livingood Park is an 18-unit condo development that joins Jordan Park, Emery Park and Nolen Park within walking distance of Mariemont’s Village Square. The last condo, a three-bedroom, 2.5-bathroom unit, sold on Sept. 25 for $1.6 million. 

 

More below:

https://www.bizjournals.com/cincinnati/news/2018/10/09/final-phase-of-greiwe-s-mariemont-luxury-condos.html

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See the Cincinnatian Hotel’s $6 million renovation: PHOTOS

By Tom Demeropolis  – Senior Staff Reporter, Cincinnati Business Courier

 

The Cincinnatian Hotel, Curio Collection by Hilton, has finished its $6 million renovation.

One of the oldest hotels in Greater Cincinnati started interior demolition last fall on the public spaces on the first and second floors. That work is now complete, with the hotel hosting a grand opening 4-7 p.m. Thursday, Oct. 11.

 

More...

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That lobby used to look very 90's post modern, this remodel looks great. Also where can I get that portrait of the Cincinnati skyline that changes between 1888 and 2018? 

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Random question for those who might know TIFs better than me (i.e. anyone with a pulse): Because the city owned the property prior to selling it to the lessee, do all the proceeds from the sale of the Whex garage (~$1.8m) go directly into the relevant TIF account? Or is that windfall not part of the so-called "tail"? 

Edited by Pdrome513

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On 10/13/2018 at 10:49 AM, Pdrome513 said:

Random question for those who might know TIFs better than me (i.e. anyone with a pulse): Because the city owned the property prior to selling it to the lessee, do all the proceeds from the sale of the Whex garage (~$1.8m) go directly into the relevant TIF account? Or is that windfall not part of the so-called "tail"? 

I’m not 100% sure, but my understanding is that the only source of funding into the TIF is from property taxes. So, the full sale proceeds would go to the seller. That’s my understanding, though I could be mistaken. 

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Individual sales have nothing to do with TIF funds (other than a rising tide in appraised value hopefully).  It has to do with the increase (i.e. the "increment") from a frozen base value of property taxes when the TIF area was established.  E.G. if the area had an assessed tax value of $1,000,000,000 when established, and now the area an assessed tax value of $1,500,000,000, the taxes on the "new" $500,000,000 in value go to the TIF district, not the original taxing jurisdictions like City, County, Schools, Fire, etc.

Edited by The_Cincinnati_Kid
grammar
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