Construction is starting on a $31 million mixed-use development in College Hill at the corner of Hamilton Avenue and North Bend Road.
The College Hill Community Urban Redevelopment Corporation (CHCURC) and Pennrose, a private development firm based in Philadelphia, broke ground for the project last week after closing on the financing for it.
A press release said College Hill Station will have 171 apartments and more than 10,000-square feet of commercial space that will be housed in two four-story buildings on 7.5 acres of land owned by the city of Cincinnati. The first floors will be commercial space, and the three upper floors will be a mix of studio and one- and two-bedroom apartments. Another developer plans to build 33 for sale custom homes on a portion of the site.
The release said the city has been working to assemble the site since 2002 and completed the land acquisition in 2013.
CHCURC sought request for proposals in 2017 and named Pennrose as the preferred developer in 2018.
"College Hill Station is the quintessential story of our neighborhood," said CHCURC Board President Mike Cappel in the release. "Eighteen years of hard work, not only at the corner of Hamilton and North Bend but throughout the entire business district, made today possible. There are so many things that make College Hill a special place - the historic housing stock, the diverse and welcoming community, and a business district with great small businesses. With this development, we are excited about offering the opportunity for more people to call College Hill home."
Mayor John Cranley included $4 million in funding for the project when he presented his budget proposal in May 2016. At the time, it was reported work was to have begun on the project in September of that year.
"Today we mark a new development coming to College Hill and celebrate the continued growth and vibrancy of this neighborhood business district," Cranley said Friday during a private, on-site gathering with project partners. "This project is an investment in our city, the neighborhood of College Hill and the hundreds of people who will live, work and shop here every day. I can't wait to be back here for the ribbon-cutting."
Besides funding for the city, other money is coming from The Port of Greater Cincinnati, the Cincinnati Development Fund, and private lenders.
The project is expected to be completed in February 2022.