 3/10 Fair --- www.building-cincinnati.com http://feeds.feedburner.com/BuildingCincinnati
Tuesday, May 20, 2008 --- 110 days ago http://www.building-cincinnati.com/2008/05/city-likely-to-sell-otr-property-to.h
| The City of Cincinnati considering selling 16 of its Over-the-Rhine parcels to 3CDC subsidiary OTR Holdings, Inc. and 8 parcels to Over-the-Rhine Community Housing (OTRCH)/Eber Development. The properties, which are generally in the areas bounded by Race, 14th, Elm and Liberty streets ( BIRD'S EYE ), will be used for residential redevelopment as part of the third phase of the Gateway project. If the ordinance allowing the sale is approved, OTR Holdings will receive the following properties for the sale price of $10,100: * 106, 108, 110, and 116 W 15th Street * 1409, 1419, 1420, 1505, 1507, 1509, 1511, 1515, 1517, and 1519 Race Street OTRCH/Eber Development, working as a partner with 3CDC to develop the City Home project, will receive for the sale price of $1: * 1409, 1412, 1414, 1415-1417, 1416, 1418, 1420, and 1426 Pleasant Street The total appraised value of the properties is $133,000. 3CDC was named as the preferred developer for property south of Liberty Street in 2005. The $6.8 million City Home project will contain 22 mixed-income residential units and 1,600 square feet of commercial space. No plans have been announced for the 1500 block of Race Street, though a good portion of it is vacant. City Manager Milton Dohoney Jr. says that passage of the ordinance is recommended not only because it will boost homeownership in the neighborhood, but will also reduce the amount of gap financing required by the developers an ... |
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