Location: 1310 Sycamore Street, Cincinnati, OH 45202
Developer: Core Redevelopment
Project Type: Real Estate Development
Description: This project will result in the redevelopment of the former School for Creative and Performing Arts into 142 market-rate apartments.
Total Investment: $24 million
Type of City Assistance: The City provided support through an Urban Redevelopment TIF Rebate Program TIF. This City incentive is an annual rebate of 0-67.5 percent of service payments based on an ongoing demonstration of project need. Without any direct City subsidy, this incentive attracted over $2 million in conventional debt to support an otherwise economically unfeasible project.
Funding Sources: The project will be funded through a combination of traditional debt ($14 million), state and federal historic tax credit equity ($6 million) and developer contributions ($4 million).