Location: 2905 Vernon Place, Cincinnati, Ohio 45219
Developer: Al Neyer Inc.
Project Type: Real Estate Development
Description: Located at the southwestern corner of East University Avenue and Vernon Place, the site is currently a surface parking lot. The developer will construct a new, 6-level parking garage and add two levels onto the existing City garage. Both public parking garages will be owned by the City of Cincinnati. In total, this will provide approximately 786 new parking spaces to the site and will enable the developer to construct a 146,000-square-foot office building on top of the new garage site.
Total Investment: The total project cost of the development is over $41 million.
Type of City Assistance: A Project TIF estimated at $5 million will be used for the construction of the new parking garage and the expansion of the existing garage. The City also infused $2.5 million of capital dollars by utilizing an innovative financing structure that enables the City to recover all or some of those funds based on project performance.
Innovations: This development is specifically designed to support inclusion. Over 50% of the project equity comes from local African-American investors. It is also anticipated that at least 40% of the contracts for this development will be awarded to MBE, SBE and WBE firms.