Location: 8th and Sycamore, Cincinnati, Ohio 45202
Neighborhood: Central Business District
Developer: 3CDC, North American Properties (NAP) and Norhtpointe Group
Project Type: Real Estate Development
Description: Formerly the site of a single acre parking garage, Eighth & Sycamore will be the home of a mixed-use development in the Central Business District. Immediately adjacent to the new Holiday Inn Express (currently under construction), this project includes a replacement garage, an apartment tower and new street level retail. 3CDC will construct and operate a 500-space garage and 10,000 square feet of retail/commercial space costing approximately $16.5 million. NAP and Northpointe Group will build a 15 story, 130-unit apartment building adjacent to and above the new garage, at an estimated cost of $35.5 million.
Total Investment: $52 million
Type of City Assistance: The City provided a $2 million loan to 3CDC and 15-year property tax abatement to NAP
Innovations: The initial plan for the site was to re-build the existing City garage; however, to develop the site to its highest and best use, the City sought outside proposals. The selected proposal for the residential tower maximized the density of the site and increased the original investment by over 2/3rds, totaling $52 million in investment.