Location: 4th and Race, Cincinnati, Ohio 45202
Neighborhood: Central Business District
Developer: 3CDC in collaboration with Flaherty and Collins.
Project Type: Real Estate Development
Description: The Fourth and Race redevelopment project tackles the blighted Pogue’s Garage in the heart of the City’s financial district. Estimated to begin construction in early 2016, it constitutes a true mixed-use development, incorporating a replacement garage, an apartment tower and new street level retail. 3CDC will construct and operate the 8-level, 925-space garage and add 25,000 square feet of street level retail at a cost of $32.1 million. Flaherty and Collins will build an 8 story 208-unit apartment building above the new garage at an estimated cost of $45.1 million.
Total Investment: $77.2 million
Type of City Assistance: The City provided a $4 million loan to 3CDC and a $5.5 million grant to Flaherty and Collins. Additionally, the City will put in place a project TIF for the building.
Innovations: To pay repay the loan 3CDC will pay the City 50% of Net Operating Income (NOI) earned each year from the parking garage until the loan is retired. Once the loan is paid off, the City will still receive 25% of NOI for the remainder of the lease.