New development plan for 4th & Race Downtown
There is a new plan to redevelop the old Pogue's garage at the corner of Fourth and Race in Downtown Cincinnati.
Final development details were worked out over the weekend and the full city council could approve the deal Wednesday.
The proposal calls for 3CDC to build and operate a 925-space parking garage with 25,000 square feet of street level retail space.
Indianapolis-based developer Flaherty and Collins would construct an eight-story, 208-unit apartment building on top of the garage. The apartment will be high end units with monthly rents ranging from $1,400 to $2,500.
Flaherty and Collins had originally worked out a deal with the former city administration of Mayor Mark Mallory and City Manager Milton Dohoney, Jr. That plan called for a 950-space garage, a 15,000 square foot grocery store and a 30-story, 300-unit apartment tower. That was partly financed with $12 million from the city.
Mayor Cranley objected once he took office and the project was renegotiated to include 3CDC.
“All told, the city taxpayers will save $6.5 million plus maintain a garage that will be owned by the city,” Cranley said. “And will ultimately add revenues to the city taxpayers because the garage will make money and will stay in the hands of the taxpayers who are paying for it.”
Now the city will provide a $5.5 million dollar grant to Flaherty and Collins and a $4 million dollar loan to 3CDC. The city will also have long-terms leases for the air lots in which the garage and apartments will be built, and it providing a 30-year property tax abatement for the apartment building.
"We're going to bring people to Downtown Cincinnati that chances are they don't live here now," said David Flaherty, the CEO of Flaherty & Collins. "In our experience in doing these types of developments, they come from outside the city. They come in and they have good incomes around $100,000 on average."
Officials said the project, including demolition of the existing parking garage, will take about two years to complete. No start date was announced because design work is not yet complete.
3CDC is also responsible for relocating the Paragon Salon and Day Spa now located in the building.