Mayor Cranley: Fourth and Race restructuring could yield $7 million for other downtown projects

New apartment tower contemplated on Sycamore

CINCINNATI -- A restructuring of the Fourth and Race apartment project could produce up to $7 million in taxpayer savings that would be reinvested in other Downtown projects, Cincinnati Mayor John Cranley said Thursday.

Two early candidates for that cash are residential towers that could bring more than 300 new apartment units to the central business district. One is a long-planned tower that would bring 168 apartment units to a high-rise over Macy’s Inc.’s Downtown department store. The other is a 150-unit building that North American Properties wants to build on top of a city-owned garage planned at Seventh and Sycamore streets.

“Every dollar we save is going to be used for something else to encourage revitalization of the city,” Cranley said. “I think there’s a boom of residential housing Downtown. I don’t know if we’ll use that money for those projects or not, but I’d like to see those projects happen.”

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