CINCINNATI - The parking lot at Fifth and Race streets in downtown Cincinnati is prime real estate.
Developers have envisioned what it could be for more than a decade. On Friday, they got one step closer to the site becoming more than just a parking lot.
"It's very exciting to get things moving on that site," said Chad Munitz, EVP of Cincinnati Center City Development Corporation (3CDC).
The planning commission approved the sale and lease of the property to the or 3CDC for a $100 million, mixed use development.
"There will be almost 1,000 parking spaces," Munitz said. "First floor retail or commercial, so we'd get some great pedestrian-level things happening. The dunnhumby headquarters office building and also a residential tower."
Dunnhumby, a firm specializing in consumer data, has outgrown their current headquarters. They would like to add on to their location but cannot because of work connected to the Brent Spence Bridge. The city and state also offered the company a total of $25 million in tax incentives to stay which they will put toward their new 250,000 square foot home.
"The garage and the retail portion, it's a combination of a couple sources. One will be a conventional bank loan," said Munitz. "It will be a very large conventional bank loan. There will be loan sources from 3CDC managed loan funds. And then we're going to use a structure called new market tax credits."
Munitz says there will not be any affordable housing in the residential portion of the plans. He says housing will be priced at 'market rate'.
"I think it's got to be an important mix in what we're doing and we're actually breaking ground next week on a project here in Over-the-Rhine that we're going to do affordable housing so it's something we're focused on," Munitz said.
Mindy Rosen of Downtown Cincinnati Incorporated said more and more people are wanting to live downtown. "There is big demand to live downtown. In fact the supply of rental units doesn't even begin to meet the demand."
Rosen also says that the Hyatt will soon undertake a $17 million renovation.
"It's really a testament to the synergy that's happening in downtown Cincinnati," said Rosen. "There's so much growth."
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