Cincinnati City Council is poised to grant a 12-year property tax abatement to a planned boutique hotel Downtown.
The building on West Fourth has been vacant for more than a decade. The 44-room hotel also will have 1,200 square feet of commercial retail space on the first floor.
The total project will cost nearly $17 million. It’s been awarded state historic tax credits and the developer is also applying for federal historic tax credits.
In exchange for the city tax abatement, the developer will pay a total of about $415,000 to Cincinnati Public Schools and about $189,000 to the streetcar operation fund.
The developer is Blue Suede Hospitality Group, which has developed eight boutique hotels in Florida, New York, Virginia, Michigan, and Tennessee. This will be their first project in Ohio.
Director of Acquisitions Adam Nadler was in town Monday for City Council's Budget and Finance Committee. He declined WVXU's request for an interview after the meeting. The committee passed the abatement without a roll-call vote. It will be up for a final City Council vote Wednesday.
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